With strong buying pressure sighted at the flagship crypto market the number of large entities, crypto traders, and retail owners, have increased sporadically.
Data retrieved from Glassnode an advanced crypto analytic firm revealed In January 2021, more than 22.3 million unique addresses were active in the network sending or receiving $BTC – the highest monthly number in Bitcoin’s history to date Chart with an upwards trend.
Metric Description: The number of unique addresses that were active in the network either as a sender or receiver. Only addresses that were active in successful transactions are counted.
#Bitcoin network activity at ATH.
In January, more than 22.3 million unique addresses were active in the network sending or receiving $BTC – the highest monthly number in Bitcoin's history to date 📈
— glassnode (@glassnode) February 1, 2021
At the time of drafting this report, the flagship crypto asset traded at $33,928.72 with a daily trading volume of $61.2 billion. Bitcoin is up 0.98% for the day. Bitcoin now has a market value of about $631.6 billion.
What you should know: Despite failing to break through its lifetime high price level of $42,000 resistance sighted last month, The most popular crypto asset had stayed within the price range of $30,000-$38,000 for some time now.
- It’s important to note that when the world’s most popular crypto makes a new high, traders expect some form of correction, that’s why there is a significant amount of market volatility as sellers and buyers try to take hold.
- Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.
- Also, Bitcoin buyers right now are extremely strong HOLDers meaning though Bitcoin seems to be in its first great consolidation of the 2021 bull market, however, crypto experts anticipate Bitcoin is still in a bull cycle amid prevailing price correction in play.
The momentum in the BTC market has been gaining steady pace since a report released by America’s most valuable bank, JP Morgan Chase, showed Bitcoin as a store of value asset.
“Though the [bitcoin] bubble collapsed as dramatically as it inflated, bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March,” said JP Morgan experts in a report led by the head of U.S. interest rate derivatives strategy, Joshua Younger and cross-asset research analyst, Nikolaos Panigirtzoglou.