More global investors and crypto traders are flocking into Bitcoin, the world’s most valuable crypto market. It’s unsurprising to see the ever-changing crypto asset trading around $18,000 amid the significant amount of buying pressure seen lately.
Glassnode stated that they had observed the highest number of newly-created addresses in the Bitcoin network within an hour, since January 2018.
In the past hour we observed the highest number of newly created addresses in the #Bitcoin network since January 2018 📈
— glassnode (@glassnode) November 18, 2020
Metric Description: The number of unique Bitcoin addresses that appeared for the first time in a transaction of the native coin in the network.
What this means
While the number of investors expressing interest in and familiarity with Bitcoin increased substantially between 2019 and 2020, the common characteristics of investors interested in Bitcoin remained consistent.
- Investors interested in Bitcoin are also more likely to be actively seeking new investment opportunities, describe their risk tolerance as ‘aggressive,’ hold investment accounts with multiple firms, and avidly consume financial news.
What you should know
Nairametrics revealed why MicroStrategy CEO, Michael Saylor, was buying the flagship crypto, Bitcoin, as it now looks like investing in today’s multi-trillion dollar tech brands 10 years ago.
He spoke on the key reasons his company invested $425 million in Bitcoin as a store of wealth option. In the interview, Saylor said that Bitcoin was not only a hedge against asset inflation, but also served as the first true and possibly “dominant digital monetary network.”
Saylor went on to liken the use of cryptocurrency to that of other revolutionary digital service giants.
The Bitcoin market you know today was built by people, not institutions
This dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.
Bitcoin recently gained significant global attention, as the richest man in the world, Elon Musk, invested 1.5 billion USD in it. This asset, which was selling for under 1 USD just 11 years ago, has reached new highs in the market with a current price of over 40,000 USD—a phenomenal growth in a decade that no asset class in the market can match.
Some institutions and jurisdictions seem threatened by the existence of digital currencies, which is why the occasional objection about Bitcoin has surfaced on the Internet. Still, this dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.
A few years ago, when people were still skeptical and unconvinced about BTC and its potential, there were those in the industry driven by the ideology that this asset class could create a better global financial system. The reality is that transferring money and processing payments using the current financial system comes with some setbacks.
In one way or another, monetary transactions using traditional payment systems can be laborious and limited, especially to those who have no access to banks and other financial services. This motivated Ray Youssef and Artur Schaback to create a platform that can reach billions of people worldwide.
They explored Bitcoin and discovered opportunities to provide people access to a new financial market. This discovery and enthusiasm led to the creation of Paxful.com, a peer-to-peer trading platform that enables people to buy and sell crypto with anyone, anywhere, at any time.
Currently, Paxful offers over 350 ways to buy and sell Bitcoin and other digital currencies, making it easy for anyone to acquire fractions of BTC and join in on the 900 billion dollar market. Ultimately, Bitcoin has the potential to help people support various financial limitations by allowing them to:
- Pay for goods and services
- Donate to charitable organizations
- Build and grow a business
- Protect the value of their wealth
- Send money faster at a cheaper rate
Apart from providing financial opportunities through the platform, Paxful also uses BTC to uphold quality life and education through the Built With Bitcoin initiative. Every crypto donation goes towards the construction of schools in emerging markets to empower people through learning to live a better life.
The platform has and continues to financially enable millions of people around the world through digital currencies. It’s never too late to start—join the growing Bitcoin community today and be a part of the global people-powered market.
Cardano drops, but investors remain upbeat
Cardano traded at $1.06, with a daily trading volume of $7.4 billion. Cardano is down 11.76% for the day.
The fourth most valuable crypto asset is currently witnessing record sell-offs amid high profit-taking at the crypto-verse.
At the time of writing this report, Cardano traded at $1.06, with a daily trading volume of $7.4 billion. Cardano is down 11.76% for the day.
Cardano currently has a circulating supply of 31.9 billion ADA coins and a maximum supply of 45 billion ADA coins.
The widely known crypto among retail investors recently achieved this after a hard fork called“Mary” on March 2.
This hard fork will permit crypto users to create tokens that can run on the same blockchain as Cardano’s native token, ADA. This now means Cardano shares close similarity with Ethereum, which had already allowed for the creation of new tokens on its blockchain.
Amid the recent price drop in play, Cardano has experienced an impressive rally of late, as investors have relatively remained bullish on the fast-rising crypto asset on the bias that many crypto pundits believe it has the most decentralized project, and the most friendly and simple staking seen.
Cardano’s current return on investment stands at about 4837%.
Cardano (ADA) has been tipped to do well by many crypto experts on the account that it headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano.
This means that more developers will see it as an attractive medium for building their desired apps.
Lately, some investors are also of the bias that Cardano could at one point dethrone the world’s utility crypto, Ethereum. Cardano is a type of blockchain that permits people to receive and send funds.
It uses the Cardano blockchain and allows people to design smart contracts just like Ethereum.
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