Based on data released by Glassnode, a famous blockchain analysis company, about 25000 new BTC wallet addresses were registered in the space of one hour on November 18, 2020.
Glassnode explained that the last time this kind of data was recorded was in the first month of 2018, indicating that this number was reached at the time BTC recorded an ATH of about $20K.
Considering this, a repetition of the high witnessed in Jan 2018 may be close, and BTC could make a sharp increase, Although some investors believe the scenario is quite different from that of two years ago.
Major Updates
- A wave of new bitcoin wallets was created on the bitcoin network
- It is uncertain if bitcoin will go beyond the 18k region
- Inquiries about bitcoin declines globally
Analysts believe a vital driver of Bitcoin value is when the number of searches it has on search engine increases rapidly and reaches a very high number, indicating that new investors are trying to know more about the asset and invest in it. However, the reverse has been the case as searches have been relatively low.
Also explaining why this year’s bull run is different, another analyst states that bitcoin investor today holds more bitcoin with a long term vision of staying in power in mind.
At the time of writing, BTC trades at $17,750, a decrease from 24hrs high of $18,476 per bitcoin.
Will bitcoin go up or down from here? Let’s discuss this in the comment section.
