Cryptocurrency market analysis firm Glassnode have recently published a chart which indicates that the number of new addresses created on the Bitcoin network has surpassed all recent highs leading back to January 2018.
The hourly moving average indicator is a technical tool used by many seasoned traders to analyse the quantity of new addresses purchasing a certain asset class for the first time – in this instance being the leading cryptocurrency.
This statistic will be another dose of welcome news for Bitcoin investors and advocates who witnessed a surge in price this week to a 3-year high above $18,000. Suspect to little coincidence, January 2018 was also the month where Bitcoin reached previous the illustrious all-time-high’s (ATH) of $20,000.
Whilst we’re on the topic of Bitcoin statistics, analysing data from Google Trends gives an further insight into the lack of sentiment currently experienced by ordinary, retail investors.
Despite the price of BTC making great strides towards its ATH’s, mass public interest seems to be lagging. This scenario could play out well though for Bitcoin in the long-run if it does continue to rally, as when public awareness and subsequent investment does come, it’s price could be well-established to continue higher.
Bitcoin’s 2020 could well be summarised as a tale of two fortunes, a game of two halves. Starting the year out at the respectable $7,200 level was to be short-lived following the pandemic.
Covid-induced lows in early March plummeted BTC to one-year lows of $4,000. However, since then, price has been quietly and consistently bullish. The last two months have truly established the bull’s dominance, soaring to recent highs which just came short of $18,500.
This led to the anticipated mainstream TV coverage, stock investors public U-turns on their previously displaced monetary ideals and of course, the charming optimism of billionaire investor Mike Novogratz who was back on our television screens for his monthly six-figure predictions.
Famous faces also explored the world of crypto for the first time. On this occasion, Game of Thrones star Maisie Williams created a Twitter poll with the humble question: “should i go long on bitcoin?” The poll garnered over 900,000 votes with the no’s taking the casting win with 53.4%. She did anyway, so we’re all good.