180 Day Moving Average of Active Bitcoin Addresses Sets New High
Bitcoin is doing great if you take a look and don’t just focus on the price – which, in itself, is really doing great as we are remaining way above $10K
BULLISH BITCOIN PRICE ACTION POTENTIALLY FUELED BY UNDERLYING NETWORK ADOPTION
“According to the daily active BTC addresses moving their crypto assets to and from, the 180-day rolling moving average has now set a new all-time high. Individual daily activity still hasn’t outpaced the 2017 peak, but its very close.
The 2017 peak was also an unhealthy price spike, resulting in a three-year bear market. Although BTC addresses were higher then, there’s nowhere near the same level of FOMO or interest in the crypto space, yet numbers are trending nearly as high in terms of network activity.
But what does this mean for Bitcoin? It means that the “decoupling” from traditional finance that analysts are expecting could very well soon play out, simply due to Bitcoin as a technology and its exponential network effect.
So long as the network itself is active and growing, the value of the asset will grow in time as well. And when it does, like the 180-day moving average setting a new record, all-time highs in price may not be too far off in the distance.”