Number of non-zero bitcoin wallets grew by 370 000 in six days

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What’s new? Experts of the analytics platform Santiment have recorded a sharp increase in the number of bitcoin wallets with active coins on the balance. So, in just six days, the number of addresses with a non-zero balance increased by 0,7% or 370 000 pieces, reaching 52,87 million.

Источник: Twitter.com

What else is known? Experts believe that the upward trend in the number of non-zero-balance wallets will continue until halving, which will halve the reward to miners for a mined block and, as a result, the volume of new coins coming into circulation. According to aggregator CoinGecko, the event is expected to take place on April 20.

Halving is code’s embedded cut in half of the reward to miners for a mined block on the blockchain, which occurs approximately every four years. Initially, miners received 50 BTC; on November 28, 2012, the number dropped to 25 BTC, on July 9, 2016, to 12,5 BTC, and on May 11, 2020, to 6,25 BTC. In April 2024, the award will be cut to 3,125 BTC

That said, Santiment noted that bitcoin mentions are still low compared to historical peaks, with only 10 days left to halving. BTC’s so-called social dominance stands at 19,61%. Nevertheless, the number of mentions still reached a 12-month-high.

According to analysts, if the BTC rate approaches record levels in the coming days, the increased mentioning of halving can be interpreted as a fear of lost profits (FOMO) and a signal that a local top has been reached. Conversely, if the price starts to fall towards $67 000, the heated discussions about halving will indicate panic among traders, amid which it is safe to enter the market.

Source: Twitter.com

Bitcoin hit an all-time high above $73 500 on March 14 this year. The previous record of $69 000 was set on November 9, 2021.

Earlier, Fred Thiel, the head of Marathon, the largest mining company, said he did not expect a major bitcoin rally after the halving, as the event has already factored into the price thanks to the launch of spot exchange-traded bitcoin funds (ETFs), which have increased demand for the asset and attracted institutional capital.

Analyst Kevin Svenson, on the other hand, allowed the possibility that BTC could hit an all-time high on the day of the halving.