The recent volatility has not deterred Bitcoin-interested people. Other metrics indicate that the network grows to crash, despite the Price.
Bitcoin addresses that have at least a whole Bitcoin, have just reached a new all-time high. The rising number suggests that even in the face of a full-blown market collapse to buy more and more people to Bitcoin.
There are now nearly 800,000 members of the “1 Whole Bitcoin”Clubs. Obviously, the recent volatility has not deterred everyone.
Holders adding to their positions cheap Bitcoin
The crypto-prices of goods in the year 2020, to put it mildly, unpredictable. After Bitcoin started the year with around 7,200 dollars, the price rose in the first few weeks of the year to a 2020 High of 10,400 dollars.
As with the spread of the corona virus, the global pandemic fears increases, pushed the Bitcoin price along with almost every other global market. A dramatic break-in on 12. and 13. March continued the price to a low that is now regarded as a local-time low. On some exchanges, Bitcoin fell to 3.850 dollars.
Since then, it has recovered the Bitcoin back to the current price of $ 6,700. Many analysts call the efforts of Central banks to stimulate the global economy as the reason for the recovery after the Crash.
The reason for this is that In a world with a potentially infinite number of dollars, Bitcoin should be more valuable.
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Data from the current Chain suggest that the wild volatility has little contributed to the majority of Bitcoin investors away. Although there has been lately certainly be a enormous selling pressure is high, the number of Wallets with more than a whole Bitcoin is currently at a new all-time high.
25. March Glassnode Alerts previously registered a total of 797.073 Wallets with a backlog of more than 1 BTC. The table with the new addresses, suggests that many of them welcome these lower prices, since they continue to collect “Sats”.
? #Bitcoin $BTC Number of Addresses holding 1+ coins just reached to ATH of 797,123.000 Previous ATH of 797,073.000 what is observed on 25 March 2020View metric:https://t. co/s7tx1xxyz3 pic.twitter.com/jXYUf0bNvi— glassnode alerts (@glassnodealerts) March 27, 2020
Similarly, the number of new Bitcoin addresses indicates a sustained network growth. This year alone, 46.8 million new Wallets arrived – a number that has risen since the beginning of 2014, every quarter continuously.
BITCOIN WALLETS OVER TIMEWe found it interesting that starting from 2017 there were created at around 11-12 million new addresses per year. What do you think, want 2020 break this pattern and be a year of greater adoption? pic.twitter.com/KnRlovUcpP— BitPetro (@diamanterus) March 24, 2020
The On-Chain metrics can also Mega-holders do not appear alarmed
Glassnode also offers other interesting insights into the behavior of the owner. The company notes that the number of Bitcoin has reached addresses with more than 10,000 Coins is also just a Half-year high.
? #Bitcoin $BTC Number of Addresses holding 10k+ coins just reached a 6-month high of 112.000 Previous 6-month high of 111.000 what is observed on 17 October 2019View metric:https://t. co/iHq1NPfawI pic.twitter.com/MpHavUbNab— glassnode alerts (@glassnodealerts) March 26, 2020
With 10,000 BTC (currently more than $ 67 million in value) in the Wallet, the metric indicates a growing number of extremely wealthy Bitcoin owners. This could point to a growing number of exchange-traded funds, or clearly even more exciting – on the HODLn of the fabled “institutional investor”.
The growing number of Wallets and the signs for a lasting HODLn of Bitcoin is to suggest that the network grows in fact, even in the face of such unpredictable volatility.
Many analysts believe that the economy could drive political reactions to the recent global market crashes, the network growth is also due to the Halving Event in may.
Since the Central promised banks to print in the interest of new growth, trillions of dollars, Bitcoins relative scarcity, only bigger.