The details of the Bitcoin wallets were revealed by Blockware Solutions and Glassnode, whose traces show a record number: 8 million. The number of these daily active wallets rose to 1,130,168 on Sunday, the highest growth since September 15. Bitcoin’s performance has returned to the path of solidity during 2023, a year in which it has risen 108%.
The number of addresses that own a thousand dollars in Bitcoin (BTC) have grown exponentially, practically in tandem with the evolution in the price of the star cryptocurrency. The detail was revealed by Blockware Solutions and Glassnode, whose traces show a record number: 8 million.
The number of these daily active wallets rose to 1,130,168 on Sunday. This specific note implies the greatest growth, since 1,238,306 were totaled on September 15. Meanwhile, the Bitcoin price is once again above the $35,000 barrier.
The Reasons Behind the Record Hit by Bitcoin Wallets
Bitcoin’s performance has returned to the path of solidity during 2023, a year in which it has risen 108%. Its performance has been superior to gold, Apple (30%), Nasdaq (30%) and Gold or S&P500, among others. As detailed by IntoTheBlock, 78% of Bitcoin investors are in the green today.
One of the explanations behind the resurgence has to do with growing expectations that the United States Securities and Exchange Commission (SEC) will authorize exchange-traded funds that invest directly in the cryptocurrency. Bitcoin ETFs.
Blockware Solutions stated the following in an email:
“If there are tens or hundreds of millions of addresses containing thousands of dollars in BTC, that is a huge amount of purchasing power.”
Wallets: Positive Data and Confidence in the Bitcoin Price
Another extremely relevant piece of information is that it indicates that 90% of the Bitcoin supply has not moved in the last 3 months. A clear sign of confidence in the near future. The conclusion is signed by one of the most interesting indicators when it comes to delving into the topic: HODL Waves (HODL waves, in Spanish). According to their survey, almost 90% of the BTC supply has not moved over the last 3 months.
Many late investors from the previous cycle have become long-term holders (LTH). This is because they did not achieve the expected return around the current all-time high (ATH) of $69,000 since November 2021.
They are now convinced to wait to sell until the cryptocurrency bull market takes off for good. In previous cycles, it was their moves that ushered in a mature bull market. Another signal, in the same sense, comes from the co-founder of MicroStrategy, Michael Saylor.
The Reasons Behind Bitcoin’s High Performance
The businessman announced during the release of his third quarterly report that he acquired 155 BTC last October, worth $5.3 million. The company now accumulates 158,400 BTC.
In an interview with CNBC Markets, Saylor explained a set of factors that would allow Satoshi Nakamoto’s coin to have a bright future in the stock market. The Bitcoin maximalist claimed that the asset has the potential to rise up to 10 times.
Meanwhile, artificial intelligence, represented by Google’s Bard chatbot, suggests that the price of Bitcoin in November could range between approximately $33,900 and $41,900. The last time Bitcoin closed November higher was in 2020, with a return of +42.95%, according to data from Coinglass.
Over the past few years, Bitcoin has seen mixed returns in November. In contrast to what happened from 2013 to 2017 and in 2020, the Bitcoin price closed October in the green.
By Leonardo Pérez
