Over 900,000 active Bitcoin wallets push transactions to 3-year high
- 26th June 2020
- Posted by: Hakeem
- Category: CryptoCurrency
With few hours to the expiration of $923 million worth of Bitcoin (BTC) options, BTC whales, professional traders, and retail owners, have increased momentum in their transactions.
Data obtained from a popular crypto data aggregator, Glassnode, showed over 900,000 addresses being very active lately.
The last time such development was witnessed was a few weeks before the 2017 huge bull run.
Recall that weeks ago, the number of individuals with Bitcoin (BTC) assets of 0.1 coins or more had broken new all-time highs.
The data obtained by Glassnode recently shows the number of Bitcoin wallets holding 0.1 BTC or more reaching a new record high of 3,054,282, beating out May 21’s previous record by about 212 addresses.
In addition, as transaction numbers in BTCs market keep hitting record highs, the amount of dollars that buyers invested in $BTC just made a new all-time high. This shows that something big is about to happen in the flagship cryptocurrency market.
The momentum in BTCs 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 JPMorgan experts in a report led by the head of U.S. interest rate derivatives strategy, Joshua Younger and cross-asset research analyst, Nikolaos Panigirtzoglou.