July Sees 30% Spike in Active Bitcoin Addresses as Price Recovers

A recent report shows that more and more people are investing in the globe’s most popular cryptocurrency. 

Bitcoin saw a significant uptick in the total number of active addresses shot up around 30%, according to Glassnode. The cryptocurrency analytics provider published a report showing that bitcoin addresses per day jumped from a quarter of a million to more than 300,000 over the last week. Glassnode suggests that this is due to the recent surge in the price of BTC. After reporting an extended period of elevated losses starting in May, over $2 billion in profits were realized on-chain in the last week. The report states posit the question, as to “whether this is a Disbelief Rally (where everyone doubts the new bull trend), or simply a Bearish Relief Rally in a larger time-frame downtrend.”

After a surge from investors, the price of bitcoin eclipsed $42,000 for the first time since May. As of this writing, the price of BTC is down 3.07% and hovering around $40,000. In a follow-up tweet, Glassnode stated that “This degree of activity was sustained in July 2020 when $BTC prices were around $11.3k in Q2-2020.”

Bitcoin gaining momentum

While the price of bitcoin hit a ceiling around $42,000 and has since dropped back to below 40, the last week was one of the best BTC has had in months. The strong week bitcoin enjoyed essentially wiped the slate clean after the sustained period of losses in just a couple of hours. According to some, the spike in interest can be attributed to Chinese citizens who are afraid of missing out on investing while they still an. Chinese journalist Colin Wu tweeted that the 12% increase in a single hour was because of the rumor that Amazon would be available soon to the Chinese population. 

In addition to the influx of new addresses flocking to the market, current bitcoin inventors have been buying more and more BTC over the last couple of weeks. Bitcoin millionaires particularly have added more than 150,000 coins to their addresses in the last week alone.

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