Active digital wallets have been on the rise in the past 2 weeks, which resulted in the recent cryptocurrency surge in the market.
According to a report by Bloomberg on April 3rd, using insights provided by the market intelligence company Flipside Crypto, Bloomberg revealed that an increasing amount of Bitcoin wallets turned active only 2 weeks prior to the crypto surge on April 2nd, with Bitcoin price experiencing a record-breaking rise of 15 percent, first time surpassing the $4,500 milestone in 2019.
As said in the analysis of Flipside Crypto, around 40-50 percent of the total Bitcoin sum is normally sitting in crypto wallets that haven’t been active from 1-6 months, with the average figure has been standing at 10 percent starting March 15th.
According to Flipside Crypto co-founder and head of data science Eric Stone, the idea of purchasing Bitcoin are gradually becoming alluring to many individuals. He believed that the sudden price moves are often due to the interest of some significant shareholders. Though this new surge has some resemblance with the incident around fall 2018, where Bitcoin price shot up 40 percent, a lot of small-scale investors are “waking up” to this year’s crypto rise.
“We see this move much more valid than a few whale moves in October. This probably signifies a change in perception or confidence in this asset class.” Co-founder and current CEO of Flipside Crypto Dave Balter further claimed regarding the surge.