Indices such as transaction volume, Bitcoin (BTC) ownership across different levels of buyers, growth rate, hash rate, among others have spiked since the last halving back in 2016.
With the Bitcoin halving only hours away, there are expectations that the halving could be net-positive for the BTC price action going forward.
Bitcoin Fundamentals Growing by Leaps and Bounds
In a Twitter thread published by Rafael Schultze-Kraft, Co-founder and CTO of on-chain crypto analytics firm Glassnode, on Sunday (May 10, 2020), bitcoin fundamentals have experienced exponential growth since the last halving in 2016. Commenting on the increasing Bitcoin ownership across retail and institutional buyers,
the Glassnode CTO remarked:
“Number of #Bitcoin addresses holding at least 0.01 $BTC and 0.1 $BTC are hitting new ATHs in 2020 almost on a daily basis. These addresses have increased by over 204% and 142% since the last halving, respectively[…] The number of #Bitcoin addresses holding at least 1 $BTC has shown a steady increase over the years. With over 800,000 addresses it is currently at ATH. There are roughly 64% more wholecoiner addresses today than during second halving in July 2016.”
There has also been an increase in the number of whale wallet addresses holding at least 1,000 BTC which is higher than it was at the last halving. As reported by BTCManager back in April 2020, data revealed that the number of bitcoin retail addresses increased since mid-February 2020, reaching an all-time high (ATH) exceeding the 3 million milestone. Also, Coinbase CEO, Brian Armstrong stated that many U.S. residents were likely using their $1,200 stimulus check to buy bitcoin. Furthermore, the data showed that the BTC hash rate rose to more than 680% higher than the last 2016 halving. The Glassnode data also shows transaction volume rising over the last three years. Despite any short-term price crash, some crypto pundits posit that the steadily improving network fundamentals indicate bullish tailwinds for Bitcoin.
Bitcoin’s Third Halving Almost Upon Us
With the clock ticking and less than 12 hours left to bitcoin halving, the halving fever has continued to rise. A report by BTCManager back in April 2020 stated that the search for “Bitcoin halving” saw a remarkable increase on Google than in 2016 and trended globally. Previous halvings have heralded a new upward price trajectory for Bitcoin culminating in a new ATH the following year. Currently, mass liquidations exceeding $1.3 billion on crypto derivatives exchanges has seen the spot price take a 15% dent as the top-ranked crypto by market capitalization approaches its third block reward halving event.
Article Produced By
Anthonia Isichei
A graduate of English, I stumbled on cryptocurrency while trying to proofread an article for a friend back in 2011, and since then, I have been hooked! I play word games when I am less busy (I'm a pro by the way) and I am a tennis aficionado.
TP
