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What Bitcoin’s New Record Means, BTC Hits Almost $20K

Singapore – As Bitcoin (BTC) continues to set new price highs, its network also experiences a record-breaking user registration. As of December 2 Wednesday, there are almost 450,000 active clients or wallet clusters that can send and receive funds within 24 hours. According to Stack’s co-founder Matthew Dibb, the number of Bitcoin’s active entities increases rapidly, signifying a large increase in participants’ network adoption. 

Last May 11 this year, BTC underwent its third mining reward halving. Since then, its active entities have continuously increased by 70%, and Bitcoin’s price has more than doubled to nearly $20,000. Yesterday, December 2 Wednesday, the digital asset printed an all-time high of almost US$19,500.

While Bitcoin’s price gains have been relatively sharp over the past months, active entities’ metrics have breached highs not seen since 2017. Dibb told reporters that it had done very gradually without the “bubble-like” growth. Currently, Dibb and other crypto investors are taking comfort in this situation. However, many analysts also consider this increased activity as a bullish sign, meaning more digital asset demand. 

At the time of writing, Bitcoin’s true believers are taking a victory lap after the digital asset’s fresh all-time high of almost $20,000. Tyler Winklevoss tweeted, “Onward and upward we go to the moon!”, while Bitcoin Charlie Shrem stated that all governments and corporations would soon mine BTC to guarantee their supply. 

Despite the coronavirus pandemic, BTC hit $18,000 last month, and more consumers believe that cryptocurrencies are properly regulated and properly backed. Many crypto enthusiasts say that BTC may get fresh support for a record-breaking year in 2021. Weakness in the US dollar tends to translate into Bitcoin’s strength.

The perfect combination of renewed hopes regarding the new coronavirus stimulus package and the global economic recovery is the most recent threats that undermine the US dollar. According to the Bitcoin sceptic Peer Schiff, the US dollar is now trading at its lowest level against the Swiss franc since January 2015.

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