Number of new Bitcoin addresses spikes amid growing FOMO

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As Bitcoin (BTC) hit a three-year high on Nov. 18, extra individuals world wide have began transferring into the world’s largest cryptocurrency, in response to Glassnode knowledge.

Glassnode, a serious supplier of cryptocurrency analytics knowledge, recorded a serious spike within the variety of new Bitcoin addresses on Nov. 18.

In accordance with Glassnode, the variety of new BTC addresses registered per hour hit practically 25,000 addresses for the primary time since January 2018 — the month following Bitcoin’s all-time high of $20,000. The spike in new Bitcoin addresses remains to be fairly removed from the highs recorded in January 2018, when the variety of new BTC addresses per hour throughout that month hit practically 25,000. 

The variety of new addresses in a 24-hour interval saw an all-time excessive on Dec. 21, 2017, with greater than 600,000 addresses made. 

The spike in new BTC addresses reveals that folks world wide are more and more turning to Bitcoin amid a serious crypto bull run. As reported by Cointelegraph, Bitcoin surged nearly 400% this year, rising from beneath $4,000 in January 2020 to over $18,000 on Nov. 18.

The rising costs have triggered extra worry of lacking out, driving crypto adoption on the highest tempo over the previous three years. The present adoption degree remains to be apparently low, although. In accordance with Changpeng Zhao, the CEO of the world’s largest cryptocurrency change Binance, the present adoption charge of crypto accounts for 0.1%, which means that just one individual out of 1,000 individuals owns crypto up to now.