A prominent cryptocurrency data provider, Santimnet, in a recent tweet announced that within 48 hours after Ethereum recorded its two-year high network activity, the number of new Bitcoin addresses has also reached a two year high of 1.07 Million.
As reported by Santimnet, the last time $BTC’s daily addresses activity recorded such a surge was on the 17th of January 2018, that was at a time when the king coin was coming off the biggest delusion in the history of cryptocurrency.
How it Signal for 20K
Taking a deep look at the Santiment graph, it could be noticed that there is a direct relationship between Bitcoin’s network activity and its price.
Recalled that the cryptocurrency was at a climax of 1.28 million on December 14, 2017, which was just a few days before Bitcoin’s price hit its $20,000 all-time high.
According to a July 2, 2020 data by an on-chain analysis platform, Glassnode, the number of newly created Bitcoin addresses based on its one-day moving average has reached a two-year high of 22,391.500 which is a significant improvement compared to its previous two-year high of 22,387.083 observed in 2019 precisely on the 26th of June.
The aforementioned trends are likely signals that the demand for the world’s largest cryptocurrency is on the increase.
Why now is the Best Entry Point into Bitcoin
NewsLogical had reported that the on-chain data provider platform, Glassnode mentioned the reasons why the present situation indicates it is likely the best time for investors to venture into Bitcoin.
Glassnode made the predictions for investors who are willing to invest their funds for a long time. The Blockchain data provider claims that Bitcoin’s Puell Multiple is now in a safe zone.
It was reported that BTC is now below the 0.5 line, which is similar to where it was between 2015 and 2017 before it rallied up by over 9,200%; this according to Glassnode indicates an excellent entry point to invest into Bitcoin.