25,000 Bitcoin Addresses Created in One Hour
Cryptocurrency analytics firm glassnode is reporting that Bitcoin’s blockchain saw the creation of 25,000 new addresses in just one hour yesterday. The last time new addresses were created at that pace was in January 2018, less than a month after of 2017’s Bitcoin mania reached its all-time high. Don’t forget that defi projects are also locking up bitcoin.
Bitcoin’s Latest Bull Run Continues
Over the last 365 days, Bitcoin is up more than 118%. Move the time duration down to 30 days and you have a more than 52% gain. In the last two weeks the price is up nearly 28%, and over the last week, more than 15%. No matter how you slice it, now is definitely a great time to be a holder of some Bitcoin. This bull run is forging on to the detriment of altcoins such as Ethereum and other major altcoin projects. Many are lagging behind Bitcoin by 25% or more over the last 30 days. Another point for crypto is that it is deflationary.
There are many recent catalysts responsible for Bitcoin’s continuing price appreciation. One of them is the fact that President Donald Trump is nominating Brian Brooks for the position of Comptroller of the Currency, an announcement made official earlier this week. Brooks looks favourably upon digital currencies and would serve a five-year term if successfully appointed to the position.
Bitcoin Investing Is Fundamentally Changing
A chart published by anonymous investor PlanB on Twitter shows that more and more bitcoins are being taken out of circulation for longer and longer periods of time. He argues that more and more professional investors with bigger bankrolls and a longer-term vision are getting into the market than did in 2017.
The best part of PlanB’s observation is that Bitcoin isn’t all over the mainstream media like it was three years ago, meaning that it’s going to take an even higher run up for new retail investors to take notice. This means that many of the individuals or institutions buying up Bitcoin right now plan to hold it for a really long time.
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Written by: Jack Choros
Writer, content marketing at Netcoins.