Increased Adoption?

Number of non-zero bitcoin addresses hit record highs

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February 21, 2020 The number of unique addresses holding a positive (non-zero) amount of bitcoins has risen to record high, according to on-chain market intelligence firm Glassnode.  Currently, there are 28,857,843 addresses holding positive balance, up 27 percent from 22,734,626 a year ago. Bitcoin’s price is also reporting a 150 percent gain on a 24-hour basis.  The cryptocurrency, however, is still down over 50 percent from the record high of $20,000 reached in December 2017. Meanwhile, the number of addresses with positive balances is hovering well above the previous record high of 28,118,737 registered on Jan. 14, 2018.  The number of addresses with balances of one or more bitcoins has also seen solid growth in the last 12 months. As of January, there were 784,000 addresses holding one or more bitcoins, up nearly 11 percent from 707,000 seen a year ago. The metric has more than doubled since 2015. Some observers think the rise in the number of non-zero addresses is a sign of increased adoption and distribution.  "The steady rise is the result of accumulation by retail buyers," Connor Abendschein, crypto research analyst at Digital Assets Data, told CoinDesk.  That argument, however, could be criticized on grounds that there is no one-to-one connection between the number of addresses and the number of users. After all, one user can hold more than one bitcoin address. Further, exchanges tend to hold above bitcoins in a number of addresses. Bounce Capped Near $9,750 BTC: Price: $9,740 | Market cap: $177 billion | 24-Hr Volume: $42 billion Trend: Bullish Bitcoin defended key average support at $9,400 on Thursday and bounced up to levels above $9,700 earlier Friday. The risks, however, are still skewed in favor of a deeper correction, according to the daily chart.  To start with, the money flow index, a momentum indicator, which incorporates both prices and trading volumes, has crossed below zero, confirming a bearish reversal for the first time since early January.  The indicator's bearish turn has reinforced the case for a deeper drop toward $9,100 put forward by Wednesday's big red engulfing candle. The stalled bounce will likely gather pace if prices find acceptance above the descending 5-day average at $9,760, causing sellers to rethink their bias.  That said, the cryptocurrency needs to exit the 4-hour chart falling channel with a high volume above $10,000 to revive the immediate bullish bias.  Note that the broader trend will remain bullish as long as prices are holding above the higher low of $9,075 created on Feb. 4.  Read Analysis DeFi 101: A Guide for Investors in Crypto (Medium) Did you know that there’s a growing movement in the crypto space that allows you to borrow, lend or get insurance within minutes in a decentralized way? DeFi Insurance Firm Nexus Mutual Makes Its First Payout Following bZx Attacks (CoinDesk) Insurance works in crypto so far, though it hasn't had many big tests yet. The Unlikely Answer To U.S. Bitcoin And Crypto Problems?​​​​​​​ (Forbes) Michael Bloomberg has barely got his 2020 campaign off the ground but he's already talking about bitcoin and cryptocurrency.   Virtual-Reality World Turns Digital Currency Into Cold Cash (Bloomberg) One of the more unusual projects funded during the height of the cryptocurrency boom is making its debut as an unlikely financial success for many of its participants.   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 © 2020 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