In the midst of what has been described as a Bitcoin bull market, the number of active addresses on the Bitcoin network has been hitting highs of over one million this week. This is the highest number of active addresses recorded since January 2018, data from analytics firm, Glassnode shows. The data is based on the 7-day moving average which is the sum of the number of active addresses over a seven-day period divided by the number of days.
Bitcoin recently crossed the $10,000 price level and has managed to stay above the range, unlike previous times when it drops quickly. It even rose to over $12,000 but then it was short-lived and plunged back to the $11,000s. The fact that Bitcoin has stayed above this level for this long has raised hopes of rising to higher levels among crypto enthusiasts. There are even high hopes of Bitcoin reaching a new all-time high in 2020, and they are not alone.
Bitcoin sentiments remain bullish
According to Glassnodes’ weekly report, Bitcoin’s sentiments remain bullish in the long term despite short term price fluctuations. The on-chain analysis firm says its conclusion is based on Bitcoin’s promising fundamentals of which a massive rise in the active addresses is one. The new highs reached in the number of active addresses could, therefore, be a confirmation of higher price levels to come.
Active addresses are those that have engaged in any form of transaction in the last 24 hours. It is also the measure of a coin’s popularity, which means Bitcoin is more popular now than it has ever been since 2018. This is of little surprise since Bitcoin has recently pulled a major price stunt, the biggest since the year 2020 began.
Going forward, Bitcoin is expected to rise higher as more investors continue to enter the space. Other fundamentals such as the number of addresses with 1 or more Bitcoin, the number of unique addresses, and several others are also showing significant growth which further points to momentum gathering. Bitcoin currently trades at $11,436 having gained 2.59% in the last 24 hours.