The amount of Bitcoin in wallets reaches the level of the 2017 rally

CONTENT

  • The volume of bitcoin “on hand” reached a two-year high

  • The mention of cryptocurrency is also growing on social networks, although most of the messages are neutral.

  • Exchanges have been recording a stable outflow of bitcoin since April this year

International consortium of news organizations developing transparency standards.

Along with an attempt to break through the psychological level of $ 12,000, the activity of discussing cryptocurrency on social networks is also growing

The average amount of bitcoins in dollar terms on digital wallets has reached the level of the 2017-2018 cryptocurrency rally.

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According to the IntoTheBlock resource, the total value of the average balance on the wallets of the bitcoin blockchain network for the first time since 2018 exceeded the $ 7209 mark. 

Due to the inability of Bitcoin to stay above $ 12,000, the average balance dipped to $ 7188, but still remains at a two-year high.

Source: intotheblock.com

The last time such indicators were recorded in January 2018, when the price of bitcoin was $ 14.805.

It is noteworthy that on June 26, 2019, when the price of the largest cryptocurrency by capitalization was able to break above $ 12,500 for a short time, the total wallet balance was still below the current maximum ($ 6644 in 2019 / $ 7209 in 2020).

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Such a discrepancy in bitcoin price and volumes may signal an increase in cryptocurrency savings as a long-term investment..

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Confidence in long-term return on investment also correlates with the burst of activity in mentioning cryptocurrency on Twitter, which is traditionally considered the main platform of the cryptocurrency community..

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Source: intotheblock.com

Since July of this year, the number of messages on the topic of bitcoin has reached a maximum – almost 46,000 tweets.

The amount of Bitcoin in wallets reaches the level of the 2017 rally

Despite the fact that the overwhelming number of messages are of a purely neutral nature (which can also signal the information noise around the cryptocurrency), the number of positive posts exceeds negative ones by 77%.

Prepare Bitcoin in Summer

In confirmation of the beginning of a new cryptocurrency rally, a sharp decrease in the Bitcoin balance on the wallets of cryptocurrency exchanges may signal.

According to Glassnode, starting from mid-April, the total bitcoin balance on the wallets of all cryptocurrency exchanges began to steadily decline, dropping to the values ​​of the end of 2019..

Bitcoin trading dominance hits 2017 levels not seen since $20000 BTC

Source: glassnode.com

The devastation of Bitcoin stocks on trading floors may mean that investors want to keep the cryptocurrency in their own wallets, and not store it on exchanges, which may not be able to cope with the withdrawal of funds due to a sudden outbreak of volatility..

At the time of this writing, the price of bitcoin BTC / USDT is $ 11,890.

✅ Bitcoin Trading Dominance HITS 2017 Levels NOT Seen Since $20,000 BTC ✅

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The amount of Bitcoin in wallets reaches the level of the 2017 rally
The amount of Bitcoin in wallets reaches the level of the 2017 rally
The amount of Bitcoin in wallets reaches the level of the 2017 rally

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