After Bitcoin‘s $10,000 mark achievement, it took an unexpected turn and bled for the whole week. However, things have started to go north once again since some factors like non-zero BTC addresses and active addresses have been continuously on the rise ever since 2020 began, which directly indicate to BTC’s stability.
Bitcoin came down to as low as $9507 this week, which freaked out the traders and investors. But on the other hand, the Glassnode reports suggested that Bitcoin fundamentals have been stable around the week, despite the loss of market cap in billions.
Non-zero BTC addresses and active addresses going up
The non-zero BTC addresses and the active addresses went down by a significant margin in late-2019. Bitcoin performed really well till mid-2019. Looking at 2020, the number of active addresses has risen consistently this year, according to the reports. This indicates that the BTC users who left in 2019 might have returned back.
However, active addresses took a minor dip, but as Bitcoin has started recovering itself, these numbers are expected to go up soon. Bitcoin had more than 892,000 active addresses a couple of weeks ago. At this moment, the number has taken a hit by almost 120,000.
Ever since December 2019, the number of non-zero BTC addresses has risen by more than a million. The constant rise in these non-zero addresses since then indicates that the on-chain activity of Bitcoin has improved massively and it is expected to remain bullish in the long run.
All the market fundamentals now seem to be stable and it points that Bitcoin will strike the $10,000 mark very soon and start its journey to $20,000.
Bitcoin started its downfall since last weekend. The exact reason for the downfall wasn’t known but many theories were given. Later this week, many whales on major crypto-exchanges liquidated their Bitcoins which caused the further dip in the price.
Featured image from Pixabay