Trading News

Read The Latest News & Analysis

Active Bitcoin Addresses Hit Record In January

Bitcoin Addresses
Share on:

The record number of 22.3 million bitcoin addresses were active throughout the month of January. The said accounts were involved in sending and receiving BTC.

January was a great month for bitcoin and cryptocurrency. We saw a bullish rally of BTC pushing the value of the cryptocurrency market to a Trillion Dollars. The value of bitcoin also hit the highest record of $42K. Subsequently, the correction brought the price down to $35K.

The number of unique active bitcoin addresses also hit an all-time high spotted by Glassnode.

Previously, the record of highest bitcoin active addresses during one month was at 21 million in December 2017.

Reasons For Rising Activity:

The coronavirus pandemic in 2020 increased the investors’ interest in cryptocurrency. Individuals flocked towards bitcoin as a hedge against the risk posed by traditional forex investments. The wall street investors had a new found love for crypto. However, despite all of this bitcoin was unable to break from its previous all-time high value of $20K until December 2020.

January 2021 was off to a great start with the price of bitcoin hitting $30K on the first weekend. From that point onwards, it was a hell of a week.  The price surge of bitcoin threw it into the spotlight. Many new investors jumped on the bandwagon of buying bitcoin just to profit from its bull rally.

The price corrections were the show stopper in the later half of January. The price went down to $28K at one point. Seasonal investors who had come only for surge started selling quickly.

The cycle of buying & selling kept going on with the speculations around the bull rally. We will likely see a similar activity if the BTC price hit another all-time high.

Recent News

crypto market

Indonesia Is Enforcing Crypto Ban

Indonesia's central bank is taking measures for enforcing crypto ban It is mobilizing the task force to ensure that local financial institutions adhere to the ban imposed by the

crypto market

Fox Launches NFT Creation Fund

Fox launches NFT creation fund worth $100M NFT boom may be over but the industry still appeals to the mainstream Fox intends to launch multiple NFT arts, goods, and digital

crypto market

El Salvador Becomes the First Country to Adopt Bitcoin

Bitcoin investors were thrilled by the news of El-Salvador making bitcoin a legal tender El-Salvador becomes the first country to adopt bitcoin as a legal currency The

crypto market

China is planning to Embrace Blockchain

China is planning to embrace blockchain technology However, the country's government still holds 'no crypto' stance The blockchain adoption areas have been identified by the

Let's Chat