Bitcoin Non-Zero Addresses Have More Active Users
Bitcoin recently registered the highly bullish golden crossover which pushed its price above $10k briefly, but due to the lack of any momentum and seller pressure being high, the price dropped below $10k again which surprised the whole crypto community. During the event (golden cross) the value of Bitcoin consolidated between $9600 and $9800 and that created a panic situation among its investors.
Glassnode DataAccording to the glass nodes data, there was a period when the market cap noticed a fall from $187 billion to 175 million. The data further mentioned that there was a minor drop in transfer count as it the depreciation of 0.24 percent.
The report also mentioned that the 16 percent decline in entity adjusted transaction represented that over the week the on-chain economic activity also declined.
$BTC addresses with non-zero balances are at an all time high. What's more surprising is that we are even higher than when we near $20,000. Hard to not be bullish on this kind of distribution and adoption. @glassnode pic.twitter.com/bNvt78C5rD— Income Sharks (@IncomeSharks) February 21, 2020
Middle-Class Investor Can Afford BitcoinAccording to the reports, although, for the majority of the people the Bitcoin at $9721.5 is expensive and unattainable, there are still some middle-class investors who could easily grasp it. The report also mentioned that the fact regarding Bitcoin’s potential to become the world’s standard for value transfer and its, only 28 million addresses that have the non-zero balance, shows that the investment side of things has an asymmetric nature.
There is still hope for people who wanted to invest in Bitcoin. In May 2020, during halving, they could take a chance. The value of Bitcoin depends on the law of supply and demand and as suggested by stock to flow ratio chart, at the time of halving the Bitcoin would deliver a promising surge.
About The Author
Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.
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