In a significant development in the ever-changing world of cryptocurrencies, recent data has revealed a decrease in the number of new addresses for Bitcoin (BTC). This shift in sentiment towards the market’s largest cryptocurrency comes amidst recent developments in the industry.
According to a survey conducted by analytics platform IntoTheBlock on May 17, the number of new Bitcoin addresses has reached multi-year lows. The seven-day average dropped to 276 last week, a level not seen since July 2018.
The survey raises important questions about the possible reasons behind this decline. Could it be because exchange-traded funds (ETFs) are acting as a substitute for new users? Are people exiting the market? Or is there simply a lack of new participants in the market?
Analysts from the Santiment platform have also noted a change in crowd sentiment following Bitcoin’s price surpassing $66,000 this week. Additionally, there has been a positive sentiment towards Chainlink (LINK), another cryptocurrency, which experienced significant highs after announcing a partnership with Trust & Clearing Corporation (DTCC), the largest global securities settlement system. The completion of a pilot collaboration between DTCC and Chainlink caused a 30% increase in the price of Chainlink (LINK) within 48 hours.
Santiment suggests that the recent increase in Bitcoin’s price and the bullish sentiment towards Chainlink are contributing factors to the shift in crowd sentiment. With the fear of missing out (FOMO) remaining low, these positive trends are expected to continue.
In the past 24 hours, the cryptocurrency market has witnessed a notable surge in the value of Bitcoin. The cryptocurrency reached its highest value in over a month, surpassing the impressive mark of $67,400.
After experiencing a significant drop in early May, falling below $57,000, Bitcoin began to regain its footing the following week. It surpassed $65,000 on May 6, but faced a temporary setback, dropping below $61,000 on May 10. However, the bulls managed to stabilize the price, preventing further declines during the subsequent weekend.
It is important to note that the views and opinions expressed in this article, whether by the author or any mentioned individuals, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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