The multifaceted bitcoin has updated its annual highs and lows



The multifaceted bitcoin has updated its annual highs and lows

The multifaceted bitcoin has updated its annual highs and lows

  • The number of active-bitcoin-addresses updated the annual maximum.

  • The number of bitcoin transactions increased by more than 30% in the last 24 hours.

  • Meanwhile, cryptocurrency volatility fell recently to an annual low..

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The number of active BTC wallets has reached an annual maximum, the number of bitcoin transactions has grown sharply, but the volatility of the BTC has dipped to an annual minimum.

Some of the fundamental characteristics of bitcoin have reached new highs, according to the latest data from the analytical resource Glassnode. We are talking about such indicators as BTC transactions for the last 24 hours and BTC wallets.

Higher and higher…

The multifaceted bitcoin has updated its annual highs and lows

For example, Glassnode reported that the number of new bitcoin wallets (1-day average) renewed a 2-year high, reaching 22,390,500 and breaking the previous 2-year high of 22,387,083 set on June 26, 2019. The total number of active Bitcoin addresses also hit a 1-year high, reaching 60,379,667.

Earlier, the editorial staff of BeInCrypto has already talked about the long-term dynamics of the indicator of cryptocurrency wallets and its significance for bitcoin.

Why are bullish wallet statistics considered a good sign for Bitcoin? Join the discussion in our Telegram channel – and you will find out everything!

In addition, according to Glassnode, there has been a sharp jump in the number of bitcoin transactions in the crypto space. Over the past 24 hours, this figure has risen by 30.3% to 15 865 375, which is a 10-month high. The previous 10-month high was noted on February 14, 2020 and amounted to 15,638,083, experts add.

Glassnode believes that in many ways such trends are associated with the increasing interest in cryptocurrency from institutional investors. One of the most famous examples of this has been the increased activity of the cryptocurrency-focused Grayscale Investments fund, which has been vigorously buying bitcoins lately..

In addition, this year, bitcoin whales have also become noticeably more active, carrying out transfers of often huge amounts..

Lower and lower …

However, not all bitcoin indicators are heading up. So, recently we talked about the fact that the weekly volatility of the MTC has reached its annual minimum. Indicators of leading exchanges, for example, BitMEX, represent similar dismal statistics:

The multifaceted bitcoin has updated its annual highs and lows

As the graph shows, compared to March 13, which was the most volatile day for the BTC in 2020, the volatility indicator fell by 97%. The currency has been in a narrow sideways range for more than one day, causing longing among traders.

However, Bloomberg analyst Mike McGlone is confident that the volatility of bitcoin is decreasing due to its transformation from a highly speculative asset to a digital analogue of gold. In this regard, he considers such dynamics to be a good sign for the currency..

In addition, he is confident that now there is a narrowing of Bollinger bands and a squeeze in prices, which will subsequently resolve in favor of the bulls. He recalls that a similar situation was observed before the previous phase of military-technical cooperation. Previously, he predicted Bitcoin’s rise to new all-time highs, in the direction of resistance at $ 13,000.


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