At the moment, the Bitcoin market is seeing some positive signs of growth. However, it should be noted that if the price of Bitcoin continues to tend to be highly correlated with the S&P 500, all growth data will probably have little impact on the price.
At the time of writing, Bitcoin is consolidating in the area above $ 7,000. The sideway price for a long time makes players feel nervous, especially the Halving event is getting closer.
Accordingly, some analysts believe that Bitcoin's close correlation with traditional markets is currently the main weakness of cryptocurrencies.
However, besides the above concerns, the Bitcoin market is showing a positive sign: The number of Bitcoin addresses at the highest level in the past 9 months.
Josh Olszewicz - a cryptocurrency analyst - talked about this data in a recent tweet, based on a data chart from Coin Metrics.
$ BTC weekly active addresses at 9-month highs
- Josh Olszewicz (@CarpeNoctom) April 19, 2020
The uptrend seen in the chart above indicates that the number of investors participating in the market has increased significantly.
This phenomenon may stem partly from investors predicting the fluctuations that may occur due to the Halving event. coming of Bitcoin.