Bitcoin Active Addresses Hit 1 Million
The crypto market looks pretty mixed today, with some coins trading in the green and some altcoins, in the red.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $10,621.29.
Bitcoin’s fundamentals are showing signs of growth.
Anyway, regardless of the massive volatility, Bitcoin’s fundamentals continue to show signs of strength.
According to the on-chain data provider Coin Metrics, the number of BTC active addresses has surged to a level that has not been seen in over two years., says the online publication the Daily Hodl.
The publication brings up Hans Hauge, the head of quant strategy at crypto asset management firm Ikigai Fund.
He recently published a Coin Metrics chart that reveals the sustained growth of the number of BTC active addresses over the years.
“Bitcoin doesn’t have to be complicated. The supply is capped and the number of users has been growing this whole time exponentially.”
Thoughts if the monthly closes like this? pic.twitter.com/grea0j4N5d
— //Bitcoin ack (@BTC_JackSparrow) September 29, 2020
It’s important to note that analysts use the active addresses metric to measure the rate of a crypto asset’s adoption.
“This metric refers to the number of unique addresses that are active on the network as a sender or receiver of the crypto token,” Daily Hodl notes.
On September 25th, the number of BTC active addresses surged to 1.14 million – this was reportedly the highest level since the 2017 bull market.
More analysts are bullish on BTC in the long run, but they say that another drop in price could be on its way soon.
Wall Street shows massive interest in BTC.
It’s been revealed that institutional investors are basing their trades on the long-term outlook of BTC.
They are no longer freaking out due to the massive volatility, according to crypto derivatives exchange ZUBR.
According to the reports, ZUBR said that institutional traders on regulated platforms are looking to hold Bitcoin based on its long-term outlook.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.