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Posted:
- The number of addresses that made their first transaction in Bitcoin also increased.
- Bitcoin bounced back over the past 24 hours on favorable news from the Fed.
With sentiment around Bitcoin [BTC] As the day improved, more and more investors saw the world’s largest cryptocurrency entering their portfolios.
New investors are entering the Bitcoin market
According to AMBCrypto’s analysis of Glassnode’s data, the number of addresses with a positive Bitcoin count was over 50.7 million at the time of writing.
Nearly 2.45 million addresses have been added since the rally began in mid-October, indicating that many were enamored by the high returns.
Source: Glassnode
Furthermore, as the rally maintained its momentum, addresses that made their first transaction in Bitcoin also grew, as seen below.
Source: Glassnode
Bitcoin’s resilience in the bear market and its clean image amid an increasingly aggressive US regulatory environment have attracted investors from the traditional market.
In addition, there is the excitement surrounding the approval of spot exchange-traded funds (ETFs) and the impending developments halve have increased the legitimacy of Bitcoin, much like a traditional store of value.
Major investors also show affinity
Whale investors have also shown significant interest recently. Since mid-October, entities holding at least 1,000 Bitcoins have grown significantly, AMBCrypto found using Glassnode data.
Source: Glassnode
For the curious, entities here refer to a group of addresses owned by the same network entity.
Strong buying activity from whales is often considered positive in crypto circles in terms of the asset’s future price movements.
Bitcoin is making a strong recovery
While adoption was clearly on the rise, some investors may have been disappointed following the sharp correction seen earlier this week.
More than 34,000 BTCs flew to various crypto exchanges over the past week as short-term holders locked in gains. This caused the price of BTC to fall below $41,000.
Source: Glassnode
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However, BTC recovered in style and once again reached a favorable price of $43,000 news from the US Federal Reserve on interest rates. As I write this, the king’s coin was changing hands $42,799an increase of 4.43% in the last 24 hours.
In a statement shared with AMBCrypto, Shivam Thakral, CEO of Indian cryptocurrency exchange BuyUcoin said:
“The Fed kept rates unchanged and hinted that it could make several rate cuts next year, which cheered the trading community as it will boost market liquidity and stimulate economic activity in various sectors. The market is expected to maintain momentum in the coming weeks.”