New investors are entering the Bitcoin network, is it really starting? – News from the FLA

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The herd of bulls is entering the Bitcoin market. A look at the user: organic growth is bullish. Do we see the $ 200,000 later this year?

Hardly any market observer has doubted that the Bitcoin bull market is far from over. Since the local low of $ 38,000 (USD) on August 5, the # 1 cryptocurrency has again done well and is trading at around $ 46,000 as of the writing deadline. This means that the value of digital gold has increased by no less than 21% in less than two weeks.

This is also true for the community, which is also bullish.

User growth at an all-time high

A common reason for the surge in the No.1 cryptocurrency is the growth in the number of network participants. If you take a look at the blockchain, you will find that over the past few weeks, a network of around 20,000 new “entities” have found their way to Bitcoin. Glassnode defines entities as individual users. These can be Bitcoiners, but also exchanges or other companies. Unlike the number of new addresses, the growth of the entity actually has statistical significance. Finally, individual users can: use new addresses for each transaction (this is even recommended for confidentiality reasons); in this way, the number of active BTC addresses can increase dramatically without new users actually entering the network.

The growth of participants in the world’s largest decentralized financial network has been observable for some time. The way Twitter user @dilutionproof deals graphically shows the average growth since breaking the previous high of US $ 20,000 northward.

Since the March ’20 crash, there has been a massive build-up of #bitcoin, creating a supply shock (🟦🟩)

However, it was the Q4 20-20,000 ATH break that caught the attention of a wider audience, attracting many entities receiving #bitcoin (🟧) which ultimately led to a peak overheated market. twitter.com/CWewKhLVDJ

– Dilution-proof (@dilutionproof) August 13, 2021

This chart from Bitcoin chain analyst Willy Woo also makes it clear that BTC could be on the verge of an exponential breakout.

According to Willy Woo, the current increase in the number of users corresponds to “the integration of a country the size of El Salvador every two months”.

CEO of Bittrex Global: “Bitcoin is now mainstream”

According to Stephen Stonberg, CEO of Bittrex, BTC is already behind its early adoption phase. The catalyst for the uptrend was also El Salvador’s decision to make BTC legal tender.

Cryptocurrencies have now become mainstream. We have double digit adoption percentage in developed and developing countries. In El Salvador, Bitcoin has even been introduced as legal tender and many other countries are considering introducing Bitcoin as legal tender,

the executive director of the Bermuda-based Bitcoin exchange told Cointelegraph.

$ 200,000 later this year?

And then there was Justin Bennett. If BTC breaks its current high of $ 65,000, anything is possible. Bitcoin could then rise to 200,000 USD by the end of the year, predicts the crypto analyst and founder of the Cryptoacademy on Twitter.

Most underestimate the level of FOMO that will occur above $ 65,000 BTC.

Everyone thought the bull market was over. If it doesn’t and #Bitcoin recovers $ 65,000, we’ll see a FOMO event like never before. In which case, $ 200,000 + via EOY is largely on the table. pic.twitter.com/daiDhNrfpY

– Justin Bennett (@JustinBennettFX) August 9, 2021

After all, the breakthrough of an all-time high is a symbolic indicator that could provide a lot of FOMO in the market.



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