Bitcoin balance on crypto wallets rises to 2017 rally values

According to the IntoTheBlock resource, the total value of the average balance on the wallets of the blockchain networkBitcoin exceeded the $ 7209 mark for the first time since 2018.

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Due to the inability of Bitcoin to stay above $ 12,000, the average balance dipped to $ 7188, but still remains at a two-year high.

: intotheblock.com

The last time such indicators were recorded in January 2018, when the price of bitcoin was $ 14,805.

It is noteworthy that on June 26, 2019, when the pricethe largest cryptocurrency in terms of capitalization was able to break above $ 12,500 in the short term, the total balance of wallets was still below the current maximum ($ 6644 in 2019 / $ 7209 in 2020). Such a discrepancy in bitcoin price and volumes could signal an increase in cryptocurrency savings as a long-term investment.

Confidence in long-term return on investmentinvestment also correlates with the burst of activity in mentioning cryptocurrency on Twitter, which is traditionally considered the main platform of the cryptocurrency community.

: intotheblock.com

Since July of this year, the number of messages on the topic of bitcoin has reached a maximum of almost 46,000 tweets.

Confirmation of the start of a new cryptocurrency rally may be a sharp decrease in the balance of bitcoin on the wallets of cryptocurrency exchanges.

According to the Glassnode resource, starting from mid-April, the total bitcoin balance in the wallets of all cryptocurrency exchanges began to decline steadily, dropping to the level of the end of 2019.

: glassnode.com

Emptying bitcoin stocks on tradingsites may indicate the desire of investors to keep the cryptocurrency in their own wallets, and not store it on exchanges that may not be able to cope with the withdrawal of funds due to a sudden outbreak of volatility.

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