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BTC and ETH ready to replicate early January price action

Photo of: Nathan VDH
by Nathan VDH

Bitcoin and Ether experienced a less euphoric end of January than the beginning of 2021 suggested. Nevertheless, both crypto-actives continue to set new records. An example: the number of active wallets.

In January Bitcoin set new records. The first of them is undoubtedly its price, now the new ATH of cryptocurrencies. However, this surge raised fears of a speculative bubble.

Since then, the value of Bitcoin has been characterized by a certain volatility. It even fell well below $30,000. Nevertheless, several indicators continue to give traders hope for a new upward trend.

In the meantime, January remains the month of records for crypto-active. This is particularly the case for the active wallets on the blockchain. Glassnode estimates the figure at 22.3 million. Never before has such a number been reached.

“In January, more than 22.3 million unique addresses were active on the network, sending or receiving $BTC – the highest monthly number in Bitcoin’s history to date,” Glassnode wrote on Twitter.

January is also the month of another record. It was during this period that Bitcoin recorded the most significant creation of new wallets. On January 7, there were 682,000 of them. The previous record was set on December 17 (655,000). Bitcoin then established a new ATH.

Another cryptocurrencies also shows good performances: Ether. On the value front already. In January, the crypto-active cryptosystem realized its new ATH, the previous one dating back to 2018. In addition, its price remains high at nearly 1400 dollars.

Decrypt reports that Ethereum’s native token starts February with a total capitalization of more than $150 billion. This represents about 15% of the value of all other cryptocurrencies.

ETH and BTC therefore continue to rule the market for crypto-actives. The two tokens alone account for about 75% of the total value of crypto assets. And this dominance should not be contested any time soon.

Ether, on the other hand, could overshadow Bitcoin (a little). In terms of daily transfers, it already wins at 19.1 billion dollars. For the BTC, this figure is 9.78 billion, according to Money Movers.