According to data from Glassnode, almost 25,000 new bitcoin wallet addresses were registered within an hour on November 18, 2020. Although this data didn’t show whether the wallets were created on exchanges or non-exchanges, the number of wallet addresses of this volume was last seen in early 2018.
In the past hour we observed the highest number of newly created addresses in the #Bitcoin network since January 2018
— glassnode (@glassnode) November 18, 2020
Chart: https://t.co/fTmoH5ezNw pic.twitter.com/INq7sEEtoM
Bitcoin Network Registers Almost 25K New Wallets In One Hour
As informed by Glassnode, a famous blockchain analysis firm that provides on-chain market data for institutional and retail cryptocurrency traders, a wave of bitcoin wallet addresses was recently created on the bitcoin network.
Sharing their observation to the crypto community via Twitter, a relatively high number of bitcoin addresses, almost 25,000 of them were created on the bitcoin network within an hour. The analysis firm pointed out that the last time these numbers were last seen was in January 2018.
The chart shared also indicated such huge volume being created right around the time bitcoin hit an all-time high of about $20,000 and shortly after.
The Impact of this on Bitcoin and what the Community thinks of it
Going by this new data presented, a repeat of 2017/2018 highs may be very near. Bitcoin could rapidly make new highs. However, many analysts and investors think things are different with this bull rally compared to the previous one.
For one, searches for the term bitcoin is still relatively low on search engines. Many analysts believe that one of the significant drivers of bitcoin’s value is when inquiries about bitcoin go off the roof on search engines. This is when newbies try to gather information on the crypto asset and how to get a piece of the bitcoin pie.
Another prominent analyst, Plan B, pointing out what makes the 2020 bull run different, says that most bitcoin traded today will go right into deep storage and never see the daylight again. In his opinion, he says bitcoin buyers today are “professionals with long term vision and staying power.”
As of the time of reporting, bitcoin (BTC) trades at $17,750, a decline from a day’s high of $18,476 per bitcoin as recorded on Binance exchange as it attempts the 2017 ATH once again after a couple of years.
