With the recent rise in Bitcoin, rates are assumed to have been the result of an increase in activity throughout the board, with the number of active wallets rising by forty to sixty percent.
It was reported by Bloomberg that according to Flipside, the market intelligence company, many inactive Bitcoin wallets are now active. It was stated in the report that the number of wallets that were inactive for over 6 months has decreased by forty percent since last month.
Moreover, the quantity of active BTC addresses has seen a magnificent rise since March. Co-founder of Flipside, stated that there is good news for bitcoin enthusiasts, in that more and more people are taking to this technology and buying crypto-currency. The company’s CEO has also stated that that the recent most rally was far more valid in comparison to BTC’s uprise, as witnessed last October.
Today, there are some fifty million functional wallets and around five billion Visa card carriers, making it evident that crypto-space can grow only because of vast adoption.
Despite the ride in active wallets been viewed as a good sign, the question still stands whether it was the actual reason for the latest surge in prices.
According to industry analyst and CEO of the BCB group, the BTC rally is expected to have been triggered by a one hundred million dollar order spread over the digital currency exchanges Coinbase, Bitstamp, and Kraken.
The report states that this move has set off a ludicrous hedge fund trading frenzy in a method that uses software for identifying trends in trade.