According to data from Glassnode, nearly 25,000 new bitcoin wallet addresses were registered in an hour on November 18, 2020. Although this data does not show whether the wallets were created on exchanges or not, the number of wallet addresses on this volume was last seen in early 2018.
In the past hour we observed the highest number of newly created addresses in the #Bitcoin network since January 2018 📈
Chart: https://t.co/fTmoH5ezNw pic.twitter.com/INq7sEEtoM
– glassnode (@glassnode) November 18, 2020
Bitcoin Network registers almost 25,000 new wallets in an hour
As reported by Glassnode, a famous blockchain analytics firm that provides on-chain market data for institutional and retail cryptocurrency traders, a wave of bitcoin wallet addresses was recently created on the bitcoin network.
By sharing his observation with the crypto community via Twitter, a relatively high number of bitcoin addresses were created, nearly 25,000 of them on the bitcoin network in one hour. The analytics firm noted that the last time these numbers were seen was in January 2018.
The shared chart also indicated that such a huge volume was being created right at the time Bitcoin hit an all-time high of around $ 20,000 and shortly thereafter.
The impact of this on Bitcoin and what the community thinks of it
Following these new data presented, a repeat of the 2017/2018 highs may be very close. Bitcoin could quickly reach new highs. However, many analysts and investors think that things are different with this bullish rally compared to the previous one.
For one thing, searches for the term bitcoin are still relatively low on search engines. Many analysts believe that one of the major drivers of the value of bitcoin is when queries about bitcoin skyrocket in search engines. This is when newbies try to gather information about the crypto asset and how to get a piece of the bitcoin pie.
Another prominent analyst, Plan B, pointing out what makes the 2020 bull run different, says that the majority of the bitcoins traded today will go straight into deep storage and never see the light of day again. In his opinion, he says that today's bitcoin buyers are “Professionals with long-term vision and staying power”.
#bitcoin $ 18K. Big difference with 2017 is that most BTC sold today will never see the daylight again, they disappear into deep cold storage. Buyers today are professionals with long term vision and staying power. pic.twitter.com/Ght9LGlfSV
– PlanB (@ 100trillionUSD) November 18, 2020
At the time of the report, bitcoin (BTC) is trading at $ 18,000, a decrease from the one-day high of $ 18,476 per bitcoin recorded on the Binance exchange when I try to hit the 2017 ATH once again after a couple of years.