Newly created accounts for Bitcoin hit highest level since January 2018

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.

READ: Grayscale: World’s biggest Crypto hedge fund holds $8.35 billion worth of Bitcoin

In the past hour we observed the highest number of newly created addresses in the #Bitcoin network since January 2018 📈

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Chart: https://t.co/fTmoH5ezNw pic.twitter.com/INq7sEEtoM

— 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.

READ: Bitcoin on high demand, hits 2-year high, trading $17,000

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.

READ: Investment bank with over $35 billion assets plans investing in bitcoin

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.

READ: 98% of Bitcoin wallets in profit, hit 2-year high

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.