Surge In Bitcoin Addresses Activity Indicates Price May Hit $20,000

July 4, 2020      Jyoti Singh

Santimnet, a prominent data provider, in its recent tweet mentioned that since the year 2018, both Bitcoin and Ethereum have shown improvement in their activities. While notifying through its tweet, the data provider stated that on one hand Ethereum improvement in its network activity from the base year, on the other hand, Bitcoin experienced an improvement in its address activity. Since the year 2018, Bitcoin’s addresses activity has reached 1.07 million.

Bitcoin’s Daily Addresses Activity In 2020, Is Similar To 2018

On January 17, 2018, when the $BTC recorded the surge in its daily addresses activity, king coin occur as the biggest misconception.

While going through Santimnet’s graph, it has been found that the network activity of Bitcoin and its price is directly related to each other.

On December 14, 2017, Bitcoin’s addresses activity recorded was 1.28 million and just a few days after, its price reached an all-time high of $20,000.

The on-chain analysis platform, Glassnode, published data on July 02, 2020, stating that the newly developed Bitcoin addresses have reached a two-year high of 22,391.500. Compared to the previous two-year high of 22,387.083, which was recorded in the year 2019, the recent figure is considered to be an improvement.

Safe Zone For Bitcoin’s Puell Multiple

The recent trend shown by the on-chain analysis platform signals that there has been an increasing demand for Bitcoin in the market.

According to Glassnode, after seeing the latest situation of Bitcoin in the market, this time is considered to the best one for investors so that they could start dealing in the world’s largest cryptocurrency.

The data provider further in its report, while advising those investors who have waited for a long time to invest in Bitcoin, stated that in the present time, Puell Multiple of Bitcoin is in a safe zone.

Glassnode also mentioned that between the year 2015 to 2017, BTC was below 0.5 line and soon after that its value increased by more than 9,200 percent. This year also Bitcoin is showcasing a similar kind of figure, therefore, it is best for investors to start dealing in Bitcoin.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.