CRYPTONAIRE
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Bitcoin’s Active Addresses, Trading Volumes Now at All-Time Highs
Trading volumes and active addresses for bitcoin have now surpassed their previous all-time highs during the last crypto bull run in 2017, and the data has given some analysts confidence the bull market for bitcoin is not over yet. Data from CryptoCompare shows that bitcoin trading volumes on the eight major exchanges tracked on the CoinDesk 20 have passed $11 billion, a new all-time high from the previous record during 2017’s crypto bull market. “This is first and foremost a sign of how much bigger and mature the industry is, with a lot more money flowing on these exchanges,” Bendik Norheim Schei, head of research at Arcane Research, told CoinDesk. “It is great to see higher volumes, making the market more liquid and efficient.” The surging volume due to Monday’s sell-off came in part from newcomers to the market, according to Schei.
“Some of this volume is definitely from new and unexperienced investors entering the market for the first time and panicking when the price starts falling,” he said. “These corrections are necessary and healthy, even in a bull market.” At the same time, the number of active bitcoin addresses has also broke its previous record on Jan. 8, according to data from Glassnode. Read more...
Cryptonaire Weekly | January 12th 2021
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