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Bitcoin Reaches New High, Signaling Bullish Trend

Created by TradeOr

Cryptocurrency 30 Mar 2022
For the first time, the number of bitcoin addresses with a non-zero balance surpassed 40 million, indicating increased interest in the digital asset.

Since February 2022, the number of bitcoin addresses holding coins has been steadily increasing. This could signal a rise in bullish sentiment. On March 25, 40.25 million addresses were registered in the Bitcoin network, according to the analytical platform IntoTheBlock. This is the highest it has ever been in the cryptocurrency’s history.

The number of bitcoin addresses with a non-zero balance declined in February, according to resource analysts. However, afterward, growth continued and all-time highs were updated. The analysts went on to say, “This indicates a growing interest.”

Bullish Signs for Bitcoin

On March 14, the previous all-time high was set at a level of 39.7 million. The number of non-zero bitcoin addresses had climbed by 880,000 since the beginning of the year.

Long-term BTC investors have continued to accumulate coins despite market volatility. Bitcoin wallets with coins purchased more than a year ago now have a total balance of 11.7 million BTC. The indicator has been following an upward trend since November 2021. Another optimistic signal is the outflow of cryptocurrencies from exchanges, indicating that BTC holders do not intend to sell. They’ve geared up for long-term storage.

About 61,000 bitcoins worth $2.7 billion have departed exchange accounts in the last two weeks. BTC is currently trading at $44,313 at the time of publication. The BTC rate increased by 1% in a single day and over the last week, has gained about 10% in value.

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