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HomeNewsBitcoin user numbers explode! 1.2 million new users in 30 days

Bitcoin user numbers explode! 1.2 million new users in 30 days

The Bitcoin price has been experiencing a decline below $ 46,000 for a few hours. The fundamental growth of the number 1 cryptocurrency is progressing, however, because the network is recording a rapidly growing number of users.

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“Growing faster than ever before”

Bitcoin price continues to face strong resistance at $ 46,700. When touching the area, BTC was strongly rejected yesterday, withdrew as a result and is currently trading at $ 45,317 – a good bit below the recent local highs. If the coin fails to stabilize above $ 46,500, further losses could be possible.

According to the pseudonymous top trader Pentoshi, Bitcoin has to leave $ 48,000 behind to trigger the next stage of the bull run. BTC currently looks a long way from that – but an on-chain metric shows how sustainable Bitcoin’s current run actually is.

Popular Bitcoin analyst Willy Woo (@Woonomic) is pointing this out on Twitter. Woo, who based on his calculations predicts a Bitcoin price of at least $ 157,000 this cycle, writes:

“The number of users on the Bitcoin network is growing faster than ever before.

1.2 million users have been added in the last 30 days. “

Not counting off-chain users on the exchanges. According to Woo, they are usually three times higher.

This is bullish, as the expert explains, because: It’s like bringing in all the citizens of a country the size of El Salvador every two months.

“That corresponds to the inclusion of a country the size of El Salvador every 2 months.”

77% expect new highs in 2021

Crypto strategist Dan Held adds: 1.2 million new Bitcoin users – that is possibly exactly as many as were added in the entire 2013-2014 cycle. That means: The crypto industry is growing much faster than in previous bull runs. The crypto exchange Coinbase also confirms this in its report for the 2nd quarter of 2021: According to this, the exchange recorded 12 million new users in the period in question. Far more than was originally expected.

That being said, there is currently great confidence among most crypto investors and analysts that Bitcoin will hit its all-time high of $ 64,000 in 2021 and then leave it behind. A survey by the pseudonymous altcoin trader @AltcoinSherpa among 2,753 participants showed: Currently (time of this article) 77.7% are expecting new highs this year. Only 22.3% no longer believe that Bitcoin will rise parabolically in the next few months.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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