Bitcoin 

Growth of BTC Millionaires Now Matches Bitcoin’s Early Years: New Data

The number of Bitcoin (BTC) addresses containing more than 1,000 BTC ($8.3 million) is growing at the same pace in 2019 as before 2014, new data shows. Woo “super bullish” on wallet trend Uploaded to social media by Bitcoin statistician Willy Woo on Oct. 11, a chart of Bitcoin address growth by balance shows the network is now repeating a trend from its earliest years. Source: charts.woobull.com “The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin’s network,” he summarized. Woo was expanding on original data…

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Ethereum 

Glassnode Co-Founder Says On-Chain Data Can Spot Bitcoin’s Tops and Bottoms

Blockchains produce huge amounts of data and it seemed that only data scientists and blockchain research firms like Chainalysis and CipherTrace were making use of it. Recently, crypto investors like Willy Woo and Philip Swift have begun to incorporate on-chain data into their rigorous Bitcoin analyses and the results have been astounding.  Despite these efforts, on-chain data remains something of an enigma amongst crypto investors. To clear up the confusion, Cointelegraph decided to sit down with Rafael Schultze-Kraft, the co-founder of on-chain market intelligence platform Glassnode.  Cointelegraph: Let’s start with…

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Bitcoin 

Bitcoin Is Using Less Energy Despite Record Hash Rate, New Data Shows

Bitcoin (BTC) energy consumption is becoming rapidly more efficient, new data shows as hash rate continues to hit record highs. Record hash rate with less power Data from aggregator Statista accessed on Sept. 5 showed that despite more computing power being dedicated to Bitcoin mining, less electricity is required to fuel it.  According to one chart, energy consumption as of July was 69.79 terawatt hours per year. In July 2018, the figure was 71.12 terawatts, while hash rate was almost 60% lower than at present.  Bitcoin annual electricity consumption. Source:…

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Bitcoin 

Bitcoin Returns Have Dwarfed Every Tech IPO Since 2010, New Data Shows

Bitcoin’s performance has outstripped mainstream investments in internet firms since 2010 by an almost unthinkable factor.  Twitter user Crypto Godfather, CEO of blockchain-focused magazine Block Journal, shared data to corroborate this point on Aug. 27. Bitcoin price has exploded from a few cents to thousands of dollars  The earliest price data for Bitcoin dates back to March 2010, when the industry’s first (and now-defunct) Bitcoin exchange BitcoinMarket.com started its operations.  The coin’s value was just $0.003 — meaning that today’s price point of just over $10,100 represents an astonishing 338,433,233%…

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Bitcoin 

Bitcoin Price Has 7% Chance to Hit $20K by End of 2019, Data Claims

Bitcoin (BTC) price is only 7% likely to hit its previous all-time high of $20,000 before 2020, according to market forecasts. The latest data appearing on social media courtesy of the Twitter analyst known as Skew, highlighted the odds for investors betting on the future Bitcoin price had been slowly decreasing throughout 2019.  According to the data, which came via derivatives platforms LedgerX and Deribit, those chances of a return to $20,000 before the end of the year were 93% unlikely as of Aug. 27.  No expectation of Bitcoin price…

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Bitcoin 

Bitcoin Price ‘Not at the Top’ of New Bull Cycle Yet, New Data Shows

Bitcoin (BTC) price has far higher to go during its current market cycle if crowd sentiment takes charge, according to analysis of the Bitcoin Days Destroyed (BDD) technical metric. In social media posts Aug. 22, Hans Hauge, senior qualitative researcher at crypto investment fund Ikigai, identified Bitcoin sentiment as being similar to early 2017. That was just months before the cryptocurrency reached its all-time high of $20,000. “Bitcoin bubble tops are clearly identified with a dark red cluster of Adjusted Binary BDD,” he summarized tweeting a corresponding chart.  He added:…

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