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Number of new Bitcoin addresses spikes amid growing FOMO

Number of new Bitcoin addresses spikes amid growing FOMO

As Bitcoin (BTC) hit a three-year excessive on Nov. 18, extra folks all over the world have began transferring into the world’s largest cryptocurrency, in accordance with Glassnode information.

Glassnode, a significant supplier of cryptocurrency analytics information, recorded a significant spike within the variety of new Bitcoin addresses on Nov. 18.

In accordance with Glassnode, the variety of new BTC addresses registered per hour hit practically 25,000 addresses for the primary time since January 2018 — the month following Bitcoin’s all-time excessive of $20,000. The spike in new Bitcoin addresses continues to be fairly removed from the highs recorded in January 2018, when the variety of new BTC addresses per hour throughout that month hit practically 25,000. 

The variety of new addresses in a 24-hour interval noticed an all-time excessive on Dec. 21, 2017, with greater than 600,000 addresses made. 

The spike in new BTC addresses reveals that folks all over the world are more and more turning to Bitcoin amid a significant crypto bull run. As reported by Cointelegraph, Bitcoin surged practically 400% this yr, rising from beneath $4,000 in January 2020 to over $18,000 on Nov. 18.

The rising costs have triggered extra worry of lacking out, driving crypto adoption on the highest tempo over the previous three years. The present adoption degree continues to be apparently low, although. In accordance with Changpeng Zhao, the CEO of the world’s largest cryptocurrency trade Binance, the present adoption fee of crypto accounts for 0.1%, that means that just one individual out of 1,000 folks owns crypto so far.