Bitcoin Active Addresses Reach Levels From 2017 Bull Market

Two more days and 18 hours are left until the much-awaiting Bitcoin halving event takes place.

The crypto community could not be more enthusiastic about this, and all kinds of more or less optimistic predictions about the price of Bitcoin are popping into the crypto space.

At the moment of writing this article, Bitcoin is trading in the red, and the most important coin out there is currently priced at $9,810.58.

Bitcoin’s activity is on the rise

The halving is just around the corner and Bitcoin’s activity is on the rise these days.

New data from the crypto analytics platform Glassnode shows that the number of active Bitcoin addresses is at levels that have not been seen since the parabolic bull run of 2017.

This is suggesting that there’s a massive increase not only in the activity but also in the adoption of BTC.

According to the latest reports coming from the online publication the Daily Hodl, Glassnode said that the increase in on-chain activity is “from a trio of new investors, long-term holders and high-net-worth whales.”

More than that, Glassnode says its Holder Net indicator (an indicator that tracks how many investors are holding on for the long haul) is still in positive territory.

Traders hold and accumulate

This suggests that traders are holding on and they keep accumulating with the halving being right around the corner.

“Hodlers’ continued accumulation even at these price levels suggests confidence in the near-term and longer-term future, likely spurred by the upcoming halving, which tends to drive higher prices historically,” according to reports coming from Glassnode.

The notes continue and reveal that “This accumulation can also be partially explained by the increasing adoption of bitcoin as a safe haven asset amongst uncertain financial markets.”

Interest in Bitcoin is still on the rise and the digital gold is still seen as a flight to safety these days amidst the global crisis.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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