Meta/crypto

Bitcoin wallet addresses created in November are heading towards a million

Could retail investors return to Bitcoin (BTC)? Encouraging Signs of a bullish 2022, Glassnode data shows 913,000 new BTC addresses were added from November through early December this year.

As a boon to BTC, on-chain analyst On-Chain College shared insightful data on retail adoption and the potential beginnings of broader adoption trends. The most important finding at the end of the year is that up to a million new participants joined the Bitcoin network in November.

In spite of bearish price action short term the twitter flood shows that the macro outlook for BTC remains solid. According to the graphic, the number of wallet addresses with a balance greater than zero increased from 30 million wallets to a touch distance of 40 million between June 2020 and December 2021.

Glass knot describes the non-zero balance metric as the number of unique addresses that contain a positive (non-zero) amount of coins. When the number goes up new users enter the bitcoin network.

In the event of a downtrend, as shown in the orange line in the graph from May to July of this year, it shows that users are emptying their wallets to zero. From this it can be concluded that the decline in wallet addresses is an indicator of the price movement downwards.

Related: Bitcoin dominance falls below 40%

Given the new additions in November, the question arises, “Was this just an outlier fueled by excitement after hitting an ATH recently? Was it the beginning of a broader trend? “

It’s encouraging to remember that with Thanksgiving, festive celebrations, and Omicron fears in November and December, potential investors will have more options to research and potentially invest in Bitcoin.

The December announcement confirms the claimas the balance changes for wallets with 1 BTC or less – which usually suggests retail investors – hit its highest level since March 2020.

However, caution should be exercised about the future of retail. Regular Cointelegraph contributor and BTC analyst William Clemente tweeted a series of graphs with the message “Retail interest in Bitcoin has all but vanished since the spring”.

Additional retail evidence is required. In October it was widely reported that Institutions are more likely to buy Bitcoin than gold, Google Trends search Data for “Bitcoin” is a quarter of what it was during its December 2017 high. Obviously, the retail mania is still a long way off.

Related posts

Biden’s anemic crypto framework offered us nothing new

TechLifely

Re-elected Mayor of Miami to withdraw 401k retirement plans partially in Bitcoin

TechLifely

How Bitcoin whales make a splash in markets and move prices

TechLifely

Leave a Comment