The number of Bitcoin addresses with a balance of 1+ BTC has reached a new record high. Yesterday, July 3, more than 820,000 addresses have this balance in their holding, signifying that there a large number of people are holding Bitcoin with expectation that it will surge.
According to the Glassnode analytical platform data, there 820,441 addresses with more than 1 BTC in their balance.
Note, that the number of addresses is constantly growing this year. In March 2020, a milestone of 800,000 addresses holding one Bitcoin was reached. Thus, holders continue to accumulate coins in anticipation of the next bull run.
If you rely on the history of Bitcoin behavior, in the near future cryptocurrency can enter the next phase of active growth. The absolute maximum of BTC rate was recorded in 2017 at a level near the top of $ 20,000. Then a maximum of 727,000 addresses were recorded, after which their number began to decline.
Addresses Holding over 100 ETH Surpasses 50,000
Earlier in the Ethereum network, there was also a sharp increase in the number of addresses that store over 100 ETH. However, a new maximum has been realized in the last few days. With the sudden spike in the number of the addresses, there are now more than 50,000 addresses holding 100+ ETH token, Glassnode can confirm.
According to the famous crypto analyst, Larry Chermak, the sharp increase in the number of large Ethereum wallets could be a consequence of the division of funds of PlusToken organizers, which scammers stole from project investors. The specialist believes that the attackers divided one large amount into a number of smaller ones.
At the same time, the analyst drew attention to the fact that the active growth in the number of Ethereum wallets with a balance of 100+ ETH should not be considered as a fact of mass adoption of cryptocurrency.
Bitcoin On-Chain Transactions Pass $ 180 Bln in Q2
Another study by Larry Chermak was data on Bitcoin transacted on-chain during the second quarter of 2020.
Hence, the Bitcoin community spent about $ 2 billion daily or more than $ 180 billion in the second quarter.
As noted by the expert, this is accompanied by an increase in trading volumes on cryptocurrency exchanges.
At the same time, the first cryptocurrency completed a positive growth of about 42% during the second quarter of 2020.
The BTC hash rate has approached maximum marks. Earlier, the famous trader and TV presenter Max Keiser presented a theory that the positive movements of the cryptocurrency hash rate can be considered as signs of the asset’s rate coming out to growth soon. An analysis of his theory demonstrated that in 47% of cases, cryptocurrency becomes more expensive after the increase in hash rate.
Recall that the previously popular analyst PlanB presented an updated chart of the S2F-model where predicting the behavior of the BTC rate. His signals, as the expert believes, indicate the approach of the cryptocurrency growth phase to $ 100,000.