Glassnode, in their most recent tweet, made an official announcement on the latest milestone attained by the BTC. Glassnode: a renowned on-chain provider and a trusted financial metric for cryptocurrencies, released data that gave in-depth knowledge on the activities of Non-Zero BTC Addresses.
According to the latest report by Glassnode, there has been a significant increase in the number of Bitcoin Non-Zero Addresses. It rose to an all-time high, hitting 47,857,099 addresses. The company also revealed that more than 47 million BTC wallets contain at least one satoshi (the official smallest unit of Bitcoin).
This data accounts for a major increase, which surged 44.06 million addresses initially reported by the company earlier this year. Glassnode has also released a chart showing the said addresses’ movement and performance in the past 13 years. The published chart shows a positive trend from 2010, showing how the coin’s price grew in the previous years.
It was noted that the non-zero BTC addresses are used as a benchmark to measure the adoption of the BTC. There are more non-zero addresses, which reveals that more BTC investors and holders have stuck with their investments amid unfavorable outcomes. Also, it has been gathered that more companies have made similar observations.
Sentiment, one of the famous market intelligence companies, has said they have made a major observation about the BTC. The company relayed this news via its official Twitter handle. In their tweet, there has been a significant surge in bitcoin investment compared to what applies to other top 100 digital assets.
Santiment Links BTC Performance To The Increasing To FOMC
In its tweet yesterday, Santiment attributed the spike in BTC investment to the sudden increase in the United States Federal Open Market Committee (FOMC) ‘s intention to increase the rates. This has caused the BTC to start making moves to hit $30,000 again.
Some notable analysts have taken note of these events. According to Abdulkarim Abdulwahab, a cryptocurrency analyst with Coin Edition, this increase in social dominance is an anticipated sign of fear among the market players. Abdulwahab suggests that this fear will likely attain the same behavioral pattern as the increasing price of the BTC.
On the other hand, a close study of the data released by Santiment shows that the Bitcoin market activity explains that the Bitcoin has it good during the Q1 of 2019 before the value doubled at the beginning of 2023. The data also showed that the market capitalization for the bitcoin rose above $600 million in January for the first time in over a year. Speculators have earlier hinted that the upcoming halving event may compel BTC miner’s rewards to drop by 50% – which Bitcoin has started assuming that it could be the reason for the recent positive shift in the price of BTC.
Latest Bitcoin Price Analysis: Helving May Play A Role
The research analyst at Fineqia International, a popular Canadian-fintech investment company, Mr. Matteo Greco, explained that Bitcoin halving always comes up every four years. While speaking to journalists with the Independent newspaper, Greco said that the helving has a compelling effect on investment behavior, which will, in turn, affect the price of the BTC.
Greco explained that the halving is (what he called the) “seismic event,” and it comes with every BTC’s technological foundations, with the main purpose of making it anti-inflationary by reducing its supply. While talking to journalists, Greco said that the “market investors are closely watching the second half of 2023 because traditionally, a bullish trend for the market began in the months before the halving.”
Meanwhile, a look into the most recent Bitcoin market activities shows that the BTC closed negatively, losing 0.03% to reach the $29,283.70 price mark. The market capitalization had gained 0.02% to close at $569,365,493,978 in the last 24 hours, while traders treaded $6,003,003,426, a 35.2% decline from its previous 2-day activities, according to the data from CoinMarketCap.
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