Bitcoin in August 2020: 3 Bullish Signs
Bitcoin (BTC) is seeing a surge in interest this summer, as consumer awareness is reflected in unique network entities hitting more than two-year highs.
Unique entity growth mirrors 2017 bull run
More unique entities are joining the Bitcoin network as activity increasingly resembles the bull run to all-time highs in 2017. According to data from on-chain monitoring resource Glassnode, as of August 4, the average weekly new entity count has returned to 140,000, its highest since early 2018. New entities refer to wallet addresses, with Glassnode defining them as “a cluster of addresses that are controlled by the same network entity.”
Square shows “unbelievable” Bitcoin demand
Payment company Square hit almost $1 billion in Bitcoin revenues in Q2 — and it’s proof of a bull market, a famous commentator says. In its Q2 2020 shareholder letter this week, Square revealed quarterly BTC revenues of $875 million for its Cash App, which has 30 million active monthly users. The figure beats Q1, which totaled $306 million, by almost 200%. Compared to Q1 2018, when Square first began to support Bitcoin, the figure is 600% higher. Gross profits have also transformed, with $17 million in Q2 this year 711% higher than two years ago.
“That’s a bull market”
Square was already well known for its presence in the Bitcoin space. Together with investment giant Grayscale, Twitter’s sister company is responsible for buying up the lion’s share of new BTC. In May, Square began targeting long-term Bitcoin investment strategies by releasing dollar-cost averaging functionality for users. The move appeared to front-run a change in Bitcoin’s own fortunes, with price gains finally sweeping through the market in recent weeks after months of compression. As Cointelegraph reported, Google Trends data further confirms an uptick in interest, similar to March and May’s block subsidy halving. Nonetheless, compared in June last year, interest is around 40% lower, while price levels are broadly similar. At press-time levels of $11,310, BTC/USD has now delivered 215% profits versus the pit of its crash to $3,600 in March.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 64% | 72 | $96 063.98 | -0.47% | -2.09% | $1 901 129 195 801 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 70% | 59 | $3 691.69 | -0.43% | 9.67% | $444 635 752 324 |  |
|
| 3 |  XRP |
XRP predictions | 58.8% | 88 | $2.44 | 30.24% | 64.85% | $139 283 395 122 |  |
|
| 4 |  USDT |
Tether predictions | 94.4% | 1 | $1.000651 | 0.02% | -0.04% | $134 209 508 790 |  |
|
| 5 |  SOL |
Solana predictions | 67.2% | 74 | $228.81 | -2.94% | -9.79% | $108 719 187 334 |  |
|
| 6 |  BNB |
Binance Coin predictions | 78.8% | 31 | $647.33 | -0.64% | -2.19% | $93 221 263 075 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 57.6% | 93 | $0.428990 | 0.31% | 0.04% | $63 074 587 151 |  |
|
| 8 |  ADA |
Cardano predictions | 61.2% | 84 | $1.15 | 8.30% | 10.20% | $40 192 009 461 |  |
|
| 9 |  USDC |
USD Coin predictions | 95.2% | 1 | $1.000073 | 0.01% | 0.02% | $39 943 477 005 |  |
|
| 10 |  AVAX |
Avalanche predictions | 66% | 69 | $48.46 | 9.61% | 7.76% | $19 833 796 680 |  |
|
| 11 |  TRX |
TRON predictions | 61.2% | 80 | $0.209475 | 2.77% | 0.42% | $18 078 840 002 |  |
|
| 12 |  SHIB |
SHIBA INU predictions | 53.6% | 94 | $0.000030 | -1.42% | 16.50% | $17 769 142 939 |  |
|
| 13 |  TON |
Toncoin predictions | 66.4% | 62 | $6.66 | -1.15% | 8.82% | $16 957 202 724 |  |
|
| 14 |  XLM |
Stellar predictions | 58.8% | 89 | $0.534373 | 6.22% | 2.19% | $16 071 299 062 |  |
|
| 15 |  DOT |
Polkadot predictions | 60.4% | 85 | $9.05 | 2.59% | -1.75% | $13 790 732 144 |  |
