FOMO: Bitcoin Records Highest Number of Users Since 2017

The number of Bitcoin users is growing at a fast rate. Since its bull run in 2017, this is the first time the network has reached an all-time high in users. This could be due to the FOMO fever. Over the past couple of weeks, the price of Bitcoin is on the rise. There has been a sudden correction since it’s 22% increase this past week.

FOMO: Increase in BTC Addresses 

This recent change has brought back volatility into the market. This has also increased the interest of Bitcoin in the market. Recent data from Glassnode show that the number of Bitcoin unique addresses are at their highest level since 2017.

According to the cryptocurrency analysis firm Glassnode, “the number of unique entities appearing for the first time in the Bitcoin network is surging. This growth rate is the largest we have seen since late 2017.”

This gives a lot of data go watch out for. Also the big number of unique entries show that there is fresh interest from new players in the crypto market.

Another significant fact is that the number of unique addresses is higher compared to June last year.  As of June last year, there is an increase in the price of Bitcoin. This reveals the fact that there are more people interested in the crypto market this year. It can also mean that these new players are not concerned about the low price point of cryptocurrencies.

HODLers still HODLing

A huge number of bitcoin wallets are in profit.  About 95% of these wallets are in the green mode and this rate keeps growing. Each bitcoin transaction starts with coins used to balance the ledger. Unspent Outputs from a Bitcoin Transaction (UTXO) are processed continuously. UTXO is accountable for the start and finish of every transaction. When a transaction is confirmed, the spent coins from the UTXO are removed. 

The percentage of profitable UTXOs is climbing to a zone that signals the top of a bull cycle. This is an important observation since the price of currency reduces on every occasion.