With Bitcoin making headlines with its incredible growth just in the last day alone people are starting to hop on the train. According to Glassnode’s data in one hour along nearly 25,000 Bitcoin addresses were created. While the continued news coverage and discussion is good to fuel adaption I have begun to wonder if people from this point on have really hopped on the bull run to late.
I have bought and sold Bitcoin since 2017 and while in March I was not in a position to significantly add to my position I was able to buy a little bit when it was in the mid $4,000 range. While the enthusiasm and adaption movement is real and is happening numbers like this stick out to me and are a tad alarming.
Luckily we can and should assume that this is not 25,000 new individuals but much less as people typically have multiple wallets and Bitcoin addresses. If this number was say 100,000 or more than you have to start to worry about people just blindly buying into the crazy and not looking at the whole situation. This number though according to the article is the highest it has been since January of 2018!
While the number might be small when you think about it since Bitcoin has really only made mainstream news in the last few days this is something to watch! More and more addresses will be created and one day (hopefully sooner rather than later) this will be a tiny tiny number that won’t even have any weight. However given that it’s this high for the first time since way back in January of 2018 it’s something to monitor!
