Bitcoin
Bitcoin’s Network Activity Reaches an All-Time High as Price Rockets Higher
Cole Petersen | Nov 20, 2020 | 23:00
- Bitcoin has been caught within the throes of an intense upswing, with buyers maintaining full control of its price action as they move to push it up towards $19,000
- The strength of this latest push higher has come about as the entire market rallies in tandem, which is a tell-tale sign that the crypto market is caught in the throes of a full-fledged bull trend
- Where BTC trends next will likely set the tone for the entire market. Bulls must close its daily candle above $18,600 for it to extend this momentum in the near-term
- This comes as the Bitcoin network grows fundamentally healthy, with its utilization reaching all-time highs
Bitcoin and the aggregated crypto market have been caught in the throes of one of the most intense bull markets seen since 2017.
Not only is BTC just a hair away from setting fresh all-time highs, but the rest of the crypto market is also pushing higher in tandem.
Ethereum’s recent break above $500 has allowed the DeFi sector to race higher as well, with all the blue chip DeFi assets outperforming the aggregated market.
This isn’t an unjustified upswing either, as BTC’s network health is arguably the strongest it has ever been.
Bitcoin Pushes Towards $19,000 as Parabolic Uptrend Kicks Off
At the time of writing, Bitcoin is trading up over 4% at its current price of $18,700. This marks a massive upswing from recent lows of $17,400 set just a few days ago.
The intensity of the recent market-wide upswing is only growing stronger, with prominent voices within the traditional financial markets now shilling Bitcoin – including the Blackrock CIO.
BTC is trying to flip its previous $18,600 resistance into support. An ability to do so could allow it to see some massive momentum in the days and weeks ahead.
BTC’s Network Health Surges as Activity Flourishes
One data aggregator explained in a recent tweet that Bitcoin’s network health reaches the highest levels seen in ages.
This comes as the on-chain activity reaches all-time highs, with active Bitcoin addresses reaching levels not seen since January of 2018.
“Bitcoin on-chain activity is closing in on new all-time highs. There were 1.19 million $BTC active addresses, the highest value since Jan 2018.”
Image Courtesy of Unfolded.
Where the entire market trends in the near-term will depend largely on Bitcoin’s upcoming daily close, but the immense macro momentum indicates that this uptrend is here to stay.
Featured image from Unsplash. BTCUSD pricing data from TradingView.
