Bitcoin Reaches Historic Moment Indicating Bullish Sentiment

Bitcoin Reaches Historic Moment Indicating Bullish Sentiment

Bitcoin rises: The number of bitcoin addresses holding coins has been on a steady rise since February 2022. This may indicate an increase in bullish sentiment. Here are the numbers.

The number of bitcoin addresses with a non-zero balance for the first time exceeded 40 million, confirming the growing interest in the cryptocurrency asset.

According to the analytical platform IntoTheBlock, on March 25, 40.25 million addresses were registered in the Bitcoin network. This is a historical maximum for the entire existence of the cryptocurrency.

Resource analysts noted that the number of bitcoin addresses with a non-zero balance decreased in February. But afterwards, resumed growth and updated all-time highs. “This indicates a growing interest,” they added.


Bitcoin: Bullish Signals

The previous all-time high was reached on March 14 at the level of 39.7 million.

Since the beginning of the year, the number of non-zero bitcoin addresses has increased by 880 thousand.

Long-term holders of BTC have been ignoring market volatility and continue to accumulate coins. 

The total balance of bitcoin wallets holding coins purchased more than a year ago exceeded 11.7 million BTC (about $518.46 billion at the time of publication). The indicator has been on an upward trajectory since November 2021.

The outflow of cryptocurrencies from exchanges is another bullish signal indicating that BTC holders do not intend to sell them. They are configured for long-term storage.

Over the past two weeks, about 61,000 bitcoins, totaling $2.7 billion, have left exchange accounts.

At the time of publication, BTC is trading at $44,313. The cryptocurrency has risen in price by almost 10% over the week. In a day, the BTC rate rose by 1%. The market capitalization is $847.1 billion.

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