Your favorite crypto news blog

Bitcoin Address Activity Still Growing At Historic Rates Despite Recent Pullback

Bitcoin 2021/01/13 11:33 by Ponvang Bulus
Bitcoin Address Activity Still Growing At Historic Rates Despite Recent Pullback

Bitcoin’s rally has slowed down in the last 24 hours with a pullback of over 15%. However, the activity of active addresses on the network continues to grow at “historic rates” despite this correction, data from Santiment shows. According to Santiment, this rise in activity in spite of the correction shows a clear difference from the 2017 bull run which was the opposite.

“#Bitcoin’s current address activity, despite the mild -6.7% correction the past 24 hours, continues growing at historic rates. Looking at the 30-day trend of daily active addresses, $BTC continues to increase in addresses unlike 2017’s historic run,” the on-chain data platform wrote on Twitter.

Current rally has stronger fundamentals than 2017

The 2017 bull market although the biggest one for the crypto market until 2020 is said to have been caused mainly by the cryptocurrency hype. It is no wonder the crash following the bull market was so phenomenal that most crypto assets are yet to recover from its impact. The current bull market however is different because it has a stronger background, the rising movement of active addresses being one of them.

The influx of institutional investors is another thing. In 2017, the bull market was mainly driven by retail buyers trying to make some quick money. While many of them succeeded, the growth was not sustainable because there were no long term investors who could give Bitcoin or any other crypto asset long term value. 

Institutional investors mostly referred to as whales, are the type who invest for the long run, thus allowing their money to stay on the network. This leads to increased value over time that is sustainable. This is still at the initial stage as the number of retail investors still far outweighs institutional investors. However, the effect is becoming more obvious compared to 2017.

Bitcoin Address Activity Still Growing At Historic Rates Despite Recent PullbackBTCUSD Chart By TradingView

An analyst Timothy Peterson seems to agree with this position, saying the Bitcoin bull market is not yet over. He says the rally is not yet over until the price goes below the 200 Moving Average which is currently below $15,000.

ZyCrypto reports that another market pundit had declared the rally isn’t yet over till the asset gets to at least $50K although the crash after that will be epic.

0 Like(s)

You should also read...

Bitcoin 19/05/20 17:18 by Ali Martinez
These Key On-Chain Metrics Indicate Bitcoin Nears a Steep Downtrend
Bitcoin has been going wild over the past few hours. Its price surged rapidly towards $9,900, but an internal issue on BitMEX caused this platform to go down affecting the flagship cryptocurrency. Fol...
Read More
Other 10/07/20 17:33 by Ali Martinez
Chainlink (LINK) on Verge of Rebound, But It’s Far From a New Price High
Demand for Chainlink skyrocketed following the weekly candlestick open. As buy orders began to pile up, the decentralized oracles token saw its price rise by 38.5%. LINK surged from $4.75 to reach a n...
Read More
Bitcoin 28/09/20 19:04 by Bernice Nyambura
Institutional investors plan to increase their focus on Bitcoin in the next five years
Institutional investors are optimistic about Bitcoin and many are planning to increase their exposure on crypto assets, according to a new survey conducted by Evertas, a worldwide digital insurance f...
Read More
Bitcoin 03/11/20 13:02 by Brenda Ngari
Why You Shouldn’t Be Surprised If The Bitcoin Price Tumbles 30% From Here
Sure, history doesn’t repeat itself, but it does rhyme. So when there are harrowing drops in the bitcoin market, a bit of perspective can come in handy. Historically, a bull market has been char...
Read More
Altcoins 08/11/20 18:46 by Brenda Ngari
Ethereum’s Active Addresses Suggest ETH Is Closer to $500 Than We Think
Bitcoin was the center of attention for a couple of days earlier this week as it rallied to $15,955, having cleared the strong resistance from 2019. Following the benchmark crypto’s rally, experts ...
Read More