Record Users?

The number of addresses with positive Bitcoin balance has hit lifetime highs

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December 9, 2019 The number of bitcoin addresses holding at least one satoshi - one hundred millionth of a bitcoin (0.00000001 BTC) - has hit a record high of 28.39 million, according to @glassnode.  The previous all-time high of 28.38 million was charted a month after bitcoin printed a record price around $20,000 in December 2017.  The increase in addresses has come despite a 62 percent decline in the cryptocurrency's price since then.  Record users? There is a widespread notion that the number of addresses with a positive balance is one of the easiest ways to determine the number of bitcoin users.  However, an individual can have multiple addresses. Exchanges typically hold bitcoins belonging to millions of users and tend to store coins in different wallets. So it would be erroneous to say that the number of users has risen to record highs.  Dormant bitcoins About 11.58 million bitcoins haven't changed hands over the last 12 months, according to blockchain analytics provider BitInfo Charts.  Popular analyst @Rhythmtrader believes the dormant addresses represent so-called HODLers with a long-term bullish view on the cryptocurrency.  "HODLers of last resort are insane, know it's not a get rich quick-scheme, but a get FREE quick scheme," @Rhythmtrader tweeted on Dec. 2.  However, not all dormant addresses are HODLers, as more than 1.6 million bitcoins have been lost, according to Coin Metrics. Trapped In No Man's Land BTC: Price: $7,500 | Market cap: $135.50 billion | 24-Hr Volume: $15.58 billion Short-term trend: Neutral Bitcoin remains trapped in a no man's land between key levels of $7,870 – a bearish lower high created on Nov. 29 – and $7,087 – the low of the bearish inverted hammer created on Dec. 4.  A UTC close above $7,087 is needed to invalidate the lower highs setup and confirm a bullish reversal. That will likely yield a quick rally to $8,500-$8,700. On the flip side. a move below $7,087 will likely attract stronger selling pressure, yielding a re-test of recent lows near $6,500. A drop to $7,087 could be seen if the descending 5-week moving average,currently placed above $7,500, continues to reject bullish attempts.  Long-term trend: Neutral Bitcoin's monthly MACD histogram has dropped below zero, signaling a bearish reversal. The cryptocurrency is trapped in a five-month bearish channel.  Even so, the outlook remains neutral, as the MACD is a lagging indicator. Further, the miners’ reward halving, usually a price-bullish event, is due in May 2020.  With BTC looking oversold after a 50 percent drop from June highs above $13,800, a notable recovery ahead of the supply-cutting event can’t be ruled out – more so, as the 50-week MA has crossed above the 100-week MA, confirming the first golden bull cross since May 2016.  After all, the previous bull cross had marked the start of a long-term bull market. The cryptocurrency picked up a strong bid near $430 following the bull cross confirmation in May 2016 and charted its way to a record high around $20,000 in December 2017. That said, the outlook as per the weekly chart would turn bullish only if and when prices break higher from the five-month long bearish channel.  Read Analysis Energi Is Electric In Its Price Action NRG: Price: $2.81 | MCAP: $64.2 million | 24-Hr Volume: $555.2 million Short-term trend: Overbought NRG is up 15.1 percent over a 24-hour period and is one of the best performing cryptocurrencies among the top 100 projects, according to the data provider Messari. Speculation over a smart-contract platform upgrade and an airdrop event, where anyone who signs up for the program is able to earn NRG tokens, are likely fueling the price gains. Energi is a fork from DASH and a Proof of Stake (PoS) cryptocurrency featuring decentralized governance, masternodes and a treasury that funds a team of professionals. As seen on the daily RSI, prices are overbought, likely to trigger a price pullback as savvy investors look to take profits. Long-term trend: Cautiously bullish A move above the long-term moving average, the 100-day average is a positive sign for the NRG bulls as momentum continues to pick up speed for buyers. NRG has also experienced the most volume since Aug. 3 and could see higher prices as more participants enter the fold. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. Copyright © 2018 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list