2 years ago
112 The total numbers of active Bitcoin addresses have remained above 1 million for five consecutive days. On-chain analysis platform Santiment noted that the rise in the numbers of active addresses indicates that another surge in the market is around the corner.
Historically, when the number of active addresses for Bitcoin starts to increase, it usually leads to an increase in its price. It indicates that more traders and investors are actively involved in the market, which can increase the price of the token.
Other Indicators Also Show Increased Demand For Bitcoin
Apart from the increasing numbers of Bitcoin active addresses, other leading indicators also reveal a similar pattern.
Bitcoin’s lightning network has also shown a steady level of growth within the past few days. It has seen the addition of over 9,000 nodes during the first 10 months of 2021.
Co-Founders of Glassnode network, Yann and Jan, stated that the BTC Lightning network is growing at an impressive pace. “Around 9.2k new nodes have been added to the network in 2021 alone,” they stated. The network now has 11,464 LN nodes online.
Bitcoin Could Be Heading To A Massive Bull Run
Bitcoin’s it at an all-time high on October 26, reaching $66,800. Although it has remained slightly volatile, the price has remained above $60,000. At the time of writing, the crypto asset is trading at $62,000 and is probably heading to another all-time high.
With the overall increase in the token’s activities, experts believe the cryptocurrency could be heading to a higher price momentum before the end of the year.
However, crypto-margined futures have not performed as expected since the fervor of the spring 2021 bull run.
Its decline from about 69% to 45% means that more than half of the futures contracts are currently margined with cash or cash equivalents. This has drastically lowered the effects of compounded volatility.
After the recent launch of the first Bitcoin futures ETF in the United States, experts believe that Bitcoin is about to experience a mega bull run.
Glassnode stated that Bitcoin holders are holding tight to their BTC supply, as the liquidity supply of the token hit a record high of 14.52 million.
