Bitcoin’s Consolidation Continues amid Addresses Holding BTC Scaling the Heights

Bitcoin has consolidated between the $38K and $45K zone for the past two months, as indecisiveness continuously rocks the market.

On-chain analyst Will Clemente acknowledged:

“BTC has been in this consolidation pattern for 2 months.”


Source: TradingView

Market analyst Lex Moskovski shared similar sentiments, describing the current BTC market as “the mother of all consolidations.” He noted:

“The mother of all consolidations. On-chain volume at $39k is the largest in the entire history of Bitcoin. Record 775k BTC changed hands at around $38.7.”


Source: Glassnode

Moskovski added that Bitcoin had moved around $39,000 more than any other price in its 13-year journey based on the high on-chain volume recorded.

The leading cryptocurrency was down by 1.5% in the last 24 hours to hit $38,419 during intraday trading.

Bitcoin addresses continue soaring the heights

Despite the consolidation happening in the market, BTC addresses continue going through the roof. Data analytic firm IntoTheBlock explained:

“The number of addresses holding BTC continues setting new records. Bitcoin addresses with a balance reached a record of nearly 40 million. Even as BTC has remained on a downwards trend in 2022, the network added a total of 888,000 new addresses with a balance.”


Source: IntoTheBlock

BTC long-term holders have been leading the pack in accumulating more coins. On-chain analyst under the pseudonym Checkmate stated:

“Bitcoin long-term holders are adding to their balance at an annualized rate of 7.6x issuance. With ~900BTC in mined issuance per day, this means around 6,840 BTC is moving into LTH storage daily.”


Source: Glassnode

Meanwhile, large institutional transactions have been dominating Bitcoin volume at 99%. Institutional investments have played an instrumental role in revolutionizing the BTC ecosystem. For instance, they enabled the leading cryptocurrency breach the then all-time high of $20,000 in December 2020 after three years of waiting.

Image source: Shutterstock


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Ethereum’s Growth Hit 1.53M New Addresses per Month in 2021

Ethereum (ETH) capped 2021 on a high with a 399% annual return. This significant run can be linked to the fact that more participants joined the ETH network at a rate of 1.53 million new addresses monthly.

Market insight provider IntoTheBlock explained:

“Ethereum users growth in a nutshell- There are 70.4m addresses holding $ETH- Just in 2021, it increased 18.36m. That means the network was growing at a pace of 1.53m addresses per month.”


Source: IntoTheBlock

IntoTheBlock added that the number of addresses with a balance is an ideal metric needed to show Ethereum adoption, going through the roof.

Ethereum is also attracting all types of players, given that the number of addresses with between 0.1 and 1 ETH recently reached historic highs, collectively holding 1.78 million ETH.

Furthermore, 1 to 10 ETH addresses hit a new milestone by breaching the 1 million mark. 

Ethereum adoption also recently got a boost as median fees nosedived to a 6-month low, raising the question of whether a rebound was imminent because the second largest cryptocurrency has been trading below the all-time high (ATH) price of $4,850 set in November 2021. 

Is Ethereum eyeing the $5,000 level? 

Ethereum’s eyes might be looking at the $5K level if the $3,200 area is broken based on the formation of a likely inverse head and shoulder pattern.


Source: TradingView

“Ethereum is forming a potential inverse head and shoulder pattern. Valid when we close above the orange line. Both Bitcoin and ETH look primed for big breakouts. Together these two assets form 58% of the entire market. If they go, then everything will go,” market analyst Lark Davis stated.

Image source: Shutterstock


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Ethereum Price Surges 30% Over Last Week Lows, Addresses Holding Over 0.1 ETH Reach New ATH

Ethereum price has rallied to $2,800, which is the next significant important resistance level. Ethereum’s price has risen by 30 percent from hitting a low of $2,160 barely a week ago.

Ethereum Price Targets $3k

In the last five days, ETH has closed in the green, reaching the important resistance level of $2,805. (20-day moving average line). Price is currently stabilizing slightly below this critical level, in preparation for a new effort to break above if the bullish sentiment persists.

If successful, ETH would be well on its way to reaching $3,000 in no time. On the other hand, the $2,550 support level has held up well after yesterday’s retest (confirmed as support).

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ETH/USD to retest $3k. Source: TradingView

Given that the indicators have turned bullish, ETH is well-positioned to break through the important resistance level of $2,800. ETH has a bullish bias at the moment. The critical resistance levels of $2800 and $3,000 will define the price movement for the rest of the week, so investors should keep an eye on them.

@Tradinghubb, a cryptocurrency trader, tweeted an ETH chart, suggesting that another downward move is likely to complete the correction.

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Ethereum price

Source: Twitter

Since the high in May 2021, the trend appears to be in the form of an A-B-C corrective structure. It has a perfect 1:1 ratio between waves A and C, which is usual in such corrections. In addition, the entire movement has been contained within an ascending parallel channel, implying that the bottom has been reached.

Buyers should, however, be patient until the breakout is verified by a successful retest of the resistance as support.

Related article | TA: Ethereum Rallies 10%: Why More Gains Seem Possible

Wallets Holding Over 0.1 ETH Rise

The number of addresses on the Ethereum blockchain with a balance of more than 0.1 ETH just reached an all-time high, according to the Glassnode analytics. This number has now risen to almost 6.823 million.


ETH addresses with 0.1+ coins balance. Source: Glassnode

In the past few years, the Ethereum network has grown at a breakneck pace. The growth of decentralized finance segments was largely responsible for this. Originally based on the Ethereum blockchain, DeFi and non-fungible NFT coins.

Ethereum’s mining hash rate recently surpassed 1.1 PH/s, setting a new all-time high. This comes as the network moves closer to adopting a proof-of-stake method.

In the last two years, though, it hasn’t all been good news for Ethereum. For many users, gas fees have become a big issue because they cannot afford to conduct transactions that would result in hundreds of dollars in penalties.

With the ETH 2.0 version, Ethereum is transitioning to PoS, though developers are considering changing the name. This is to avoid confusion among new users, with the ‘consensus layer’ being the replacement name under consideration. It’s expected that with a new update underway, more users will hop on the blockchain.

Related article | TA: Ethereum Holds Strong At $2.5K: Indicators Show Fresh Increase

Featured image from Pixabay, chart from and Glassnode


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Polygon briefly overtakes Ethereum for active addresses after 330% surge

Layer two protocols have seen monumental growth this year and one of them has briefly surpassed the network it is a scaling solution for, in terms of active addresses.

The number of daily active unique addresses on layer two aggregator Polygon has surpassed those on the high fee layer one Ethereum according to protocol co-founder Mihailo Bjelic.

According to his stats, Polygon had 351,000 daily active addresses on Sept. 27 whereas Ethereum had 326,000.

According to Polygonscan, the number of active addresses skyrocketed on Sept. 20, hitting a peak of 426,586 on the 27th before falling back slightly to 385,740.

Etherscan is reporting that Ethereum’s daily active address count was 457,402 on Sept. 29 so the two are pretty evenly matched at the moment.

The number of active addresses on Polygon has surged 330% over the past 3 months whereas Ethereum’s have actually declined by 12% for the same metric over the same period.

In terms of cumulative unique addresses, Ethereum is way ahead with 170.8 million as of Sept. 29 according to Etherscan, while Polygon had 89 million total district addresses yesterday. However, Matic only rebranded to Polygon and launched in February so its growth has occurred over a shorter  period of time.

Polygon has a greater number of transactions at present according to Polygonscan with 5.7 million total transactions recorded for Sept. 29 compared to 1.1 million on Ethereum layer one. This can largely be attributed to Ethereum’s high fees which have increased again recently.

DeFiLlama currently reports that the total value locked of all protocols on Polygon is $4.81 billion, however it has more than halved since its mid-June all-time high of $10.54 billion. The most popular protocol on the network is flash loan platform Aave which has $1.77 billion TVL, or 37% of the total.

Related: Polygon active users grow by 75,000 as DeFi boom continues

Polygon received a massive endorsement in May when billionaire investor Mark Cuban added it to his portfolio. Its native token, which is still called MATIC, has gained 5.2% over the past 24 hours to reach $1.14 according to CoinGecko.

Ethereum transaction fees have skyrocketed again in recent days which has contributed to the surge in activity on layer two protocols. According to Bitinfocharts, the average transaction price on the Ethereum network is currently around $23. More complex operations such as DEX token swapping or smart contract interactions can cost as much as $66 in gas according to Etherscan.


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Bitcoin Network Breaks Record With 22.3 Million Unique BTC Addresses in January

The Bitcoin network was busy in January with over 22.3 million active BTC addresses sending or receiving the cryptocurrency.

Bitcoin Network Breaks Record With 22.3 Million Unique BTC addresses in January

On-chain Bitcoin activity surged during January, with more than 22.3 million unique BTC addresses according to crypto market data aggregator Glassnode

Glassnode tweeted out the milestone to the crypto community, as January was a record month for both Bitcoin’s price and network activity.

According to Glassnode on Twitter:

“Bitcoin network activity at ATH. In January, more than 22.3 million unique addresses were active in the network sending or receiving $BTC – the highest monthly number in Bitcoin’s history to date.”


Source: Glassnode

During Bitcoins bullrun in 2017, the Bitcoin network’s activity peaked with 21 million active BTC addresses in December of that year. January’s surge in active users on the Bitcoin network trumps the previous record by 1. 3 million.

While the unique active wallets grew in January, there was a decrease in the number of “active entities” on the Bitcoin network—which are defined by Glassnodes as being a group of addresses being controlled by a single entity.

Bitcoin Price Showing Strength

Despite hitting an all-time high in January, the Bitcoin price has been in a stage of consolidation for the past couple of weeks and today has mainly stagnated, trending sideways between $32,000 and $34,000.

Despite the sideways price action, Ki Young Ju, the CEO of the cryptocurrency analysis firm CryptoQuant, identified a potential bullish indicator yesterday that may be signaling a BTC price breakout in the crypto’s near future.

According to the CryptoQuant CEO, more than 15,000 Bitcoin were recently withdrawn from Coinbase Pro with the outflows going “into custody wallets”—this indicates that OTC deals from institutional investors are likely occurring. Bitcoin price rallies have followed similar outflows in the past, and Ju sees this as a sign BTC will at least be able to “protect $33,000 in the short-term.”

The influx of institutional and corporate buyers into Bitcoin has added to the strong hands that currently make up the market. Industry data has consistently shown that more than 60% of BTC’s circulating supply is being held for the long-term.

The Bitcoin price has begun to show slight strength and has broken just above the $34,000 level—currently trading at $34,193.66 according to CoinMarketCap.

Image source: Shutterstock


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Ethereum Recording Massive Retail Storm As Number of Ethereum Addresses Hit Another ATH

Ethereum’s journey continues as data from Glassnode shows the cryptocurrency is seeing a massive influx of retail investors buying up the cryptocurrency.

Ethereum Recording Massive Retail Storm As Number of Ethereum Addresses Hit Another ATH

While the number of Ethereum addresses with at least a 0.1 ETH in them jumped to a record high yesterday, the market bulls have maintained the momentum as the Ethereum addresses with the same number of Ether locked in them has surged to a new all-time high (ATH) of 3,726,395, a slight increment from the previous ATH of 3,726,002.

The run-up to setting the new milestone is not surprising as Ethereum bulls have been ambitious in their push to steer Ethereum price to hit and surpass its all-time high above $1,432.88, a feat it recorded back in January 2018. At the time of writing, Ethereum’s current price is just 7.96% away from its all-time high and is trading at $1,326.00, a 10.2% surge in the past 24 hours.

Ethereum Has a Corresponding Increase in Transaction Volume

The determination to push Ethereum price past its ATH has also been reflected in the total volume of Ethereum per the transaction volume. Glassnode data also revealed that the total Ethereum transaction volume just went above 8 Trillion ETH and currently pegged at 8,000,274,971 ETH.

While Ethereum is still the unmovable second-ranked coin, the coin’s overall contribution to helping maintain a healthy cryptocurrency market cannot be undermined. With a total contribution of 14.68% to the overall global crypto industry’s market cap, its lone market cap of $151 billion is a testament to the growth the coin has picked up in the past days.

While both institutional and retail investors seek an alternative to the out-of-reach Bitcoin, Ethereum continues to be the attractive altcoin and this is shown in the metric growth of ETH on all fronts.

Image source: Shutterstock


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@CoinMagn3t @Cipherhoodlum @lopp @bifinex and @BTSEcom let you change addresses. The old ones remain valid also. They both also support @Liquid_BTC (cheaper, faster, and confidential transactions).

@CoinMagn3t @Cipherhoodlum @lopp @bifinex and @BTSEcom let you change addresses. The old ones remain valid also. They both also support @Liquid_BTC (cheaper, faster, and confidential transactions).


Tagged : / / / / / / / /

@CoinMagn3t @Cipherhoodlum @lopp @bifinex and @BTSEcom let you change addresses. The old ones remain valid also. They both also support @Liquid_BTC (cheaper, faster, and confidential transactions).

@CoinMagn3t @Cipherhoodlum @lopp @bifinex and @BTSEcom let you change addresses. The old ones remain valid also. They both also support @Liquid_BTC (cheaper, faster, and confidential transactions).


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Bitcoin (BTC) $ 27,030.24 0.55%
Ethereum (ETH) $ 1,681.37 0.80%
Litecoin (LTC) $ 66.42 0.55%
Bitcoin Cash (BCH) $ 236.54 2.17%