Recent months have brought a significant increase in interest in Bitcoin, the world’s largest cryptocurrency. Since mid-October, the number of addresses with a positive amount of Bitcoin has increased by almost 2.45 million, indicating growing popularity of this currency among new investors. This growth, supported by positive news from the market and stable policy of the FED, makes Bitcoin gain importance as the digital gold of our times.
In recent weeks, Bitcoin, the original and most well-known cryptocurrency, has once again made headlines by surpassing the $42,000 barrier. This market revival after months of uncertainty has sparked a new wave of interest among investors who have fallen victim to the FOMO phenomenon – the fear of missing out.
Data analysis by Glassnode reveals that the number of addresses holding positive amounts of Bitcoin has risen to over 50.7 million. Since mid-October, an additional 2.45 million addresses have been registered, indicating the growing popularity of Bitcoin among new investors. Interestingly, many of these new addresses made their first transaction, indicating an influx of fresh capital into the market.
Despite recent market turbulence, Bitcoin has shown resilience in the face of increasing interest from regulators, especially in the United States. Its perception as a “clean” currency in the context of regulations, combined with enthusiasm around approved ETF funds and the upcoming halving, has increased its legitimacy as a traditional store of value.
So-called whales, or holders of at least 1000 Bitcoins, have also shown significant interest. Since mid-October, the number of such entities has significantly increased. Strong buying activity from whales is often viewed positively in cryptocurrency circles, as an indicator of future price increases.
Although Bitcoin adoption is growing, some investors may have felt disappointment due to a sharp price correction earlier in the week. Over 34,000 BTC have been transferred to various cryptocurrency exchanges in the last week, causing a temporary drop in Bitcoin’s price below $41,000. However, Bitcoin quickly rebounded, reaching $43,000, due to favorable information from the U.S. Federal Reserve regarding interest rates.
In the context of recent actions by the FED, which kept interest rates at the same level and signaled the possibility of rate cuts next year, the market expects to maintain the current momentum. As Shivam Thakral, CEO of the Indian cryptocurrency exchange BuyUcoin, stated, further revival of economic activity in various sectors is expected, which may positively impact the cryptocurrency market.
Recent weeks have brought significant changes to the Bitcoin ecosystem. On one hand, increasing interest from new investors and a stable regulatory policy lay the foundation for further development. On the other, dynamic price fluctuations still pose a risk element that investors must be aware of. However, the overall trend indicates an increase in the importance of Bitcoin as the digital gold of our times.
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