Bitcoin active addresses reach new all-time high

With the increased popularity of Bitcoin and overall cryptocurrencies, the industry itself is facing new challenges. While most companies and people try to be crypto-friendly and adapt to the changes of the global market, they all forget that Bitcoin is overall a nonrenewable asset. 

The cryptocurrency managed to appear on the covers of the magazines quite a few times recently, which is caused by its unexpected and sudden moves, which we all witnessed back by the end of 2020. The Bitcoin volume increased drastically within a very short period of time and managed to maintain the all-time high position for a while. This has motivated more people to buy, trade, or invest in the Bitcoin asset. 

There are two sides of the coin which are worth considering at the moment. One is the increasing popularity of the crypto assets and the world moving in the digital direction, and the other side is the resource of the digital asset, which is coming to an end in the nearest future. 

The biggest benefit of the crypto asset is the practical usage of the digital currency and the ability to use it basically in every single industry. Yet, there are several industries, which play a significant role in the distribution and popularization of digital assets. The banking system is obviously one of the leading ones together with the gambling industry. 

Bitcoin in gambling 

The gambling industry is expanding at a daily rate, with a number of new online casinos popping up in the market. With the competitive number of online casinos in the market, all of them have made attractive and impressive offers for the customers, in order to attract new customers and new players. The implementation of the new platforms is one of the best ways to do so. 

The integration of the Bitcoin and crypto payments to the online casino websites is perhaps something that attracts the online casino players, who hold the crypto accounts. The number of Bitcoin casinos is increasing, meaning that online casinos are investing in cryptocurrency way more than they used to. With viewing the full BTC casino list, it is obvious that the number of BTC circulating in the gambling industry has increased several times throughout the past several years. This has also contributed to the popularization of the BTC among the players, and thus more people are keen on investing in cryptos now. 

The gambling industry is one more clear example of why the volume and the active addresses for bitcoin have suppressed their previous all-time highest during the last crypto bull run back in 2017. According to this data, the analysts predict an even bigger bull market for Bitcoin, which is not over yet. 

The BItcoin passed all-time high volume 

The data, which is available by different media sources, shows that the bitcoin trading volume is the eights on the major exchange markets, which is ranked on some of the top media outlets. According to the stats, Bitcoin has passed 11$ billion, which is an all-time high from the previous record, which was made back in 2017. This is a massive increase, which gives us the confidence that the market will increase even more. 

The head of research at Arcane Research, Bendik Norheim Schei made his forecast and comment regarding Bitcoin’s massive increase in volume. “This is first and foremost a sign of how much bigger and mature the industry is, with a lot more money flowing on these exchanges.” He also added that it is indeed great to see higher volumes present in the market, as it makes the market more liquid and efficient for further actions. The surging volume due to Monday’s sell-off came in part from newcomers to the market, according to Schei.

“Some of this volume is definitely from new and inexperienced investors entering the market for the first time and panicking when the price starts falling,” he said. “These corrections are necessary and healthy, even in a bull market.” This is not the first time the number of active users breaks the record. The number of Bitcoin addresses surged to a higher rate on the 8th of January. 

The Active Addresses 

The highest point during the nearest past was two weeks ago when the number of active Bitcoin addresses reached 1.3 million in one single day. The on-chain analysts published the report outlining the fact. In the report, they wrote that this continued spike indicates an impressive level of new adoption and activity for Bitcoin, which is now traded at the price of $34,011.89. Though even this price is very volatile and changes with the rapid speed, going down by 11.10% compared to the same number 24 hours earlier. 

Some said that the latest market sell-off was due to some short-term profit-taking by institutional investors after prices went too high in the past week. Many said that the bull market is mainly provoked by the traditional institutions in North America, which has full evidence by a significant growth on the bitcoin futures market, with the institutional investors being the bodies of the main service for now.

mm
Tech Junkie is a small word for Vikas Kaushik. Whether the latest game on the market or a new gadget launch he is the go-to person. He drives his motivation from the fast-paced technological advancements. He ensures that the right news reaches niche audiences. An avid biker and movie buff he has deep-rooted faith in upcoming technological inventions and is a torchbearer for the tech revolution.

Bitfinex Increases Maximum Leverage for BTC/USD Pair to 10x

Previous article

Start With Reviews: How to Find Credible Assistance as a Student

Next article

More by this Author

Based on your Interest

Where To Buy Bitcoin Cheap?

If you asked this question back in 2008 when the mysterious Satoshi Nakamoto revolutionised currency, the word cheap still meant precisely that. The ...

Comments

Comments are closed.