Bitcoin
BTC$49 177.82

-7.92%

Ethereum
ETH$4 092.88

-2.38%

Binance Coin
BNB$563.52

-4.86%

Tether
USDT$0.999981

-0.03%

Solana
SOL$203.61

-3.36%

Cardano
ADA$1.42

-8.66%

Bitcoin in August 2020: 3 Bullish Signs


06 Aug 2020

#Bitcoin

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.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.2% 50 $49 177.82 -7.92% -10.53% $929 035 044 566 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 33 $4 092.88 -2.38% -0.69% $485 446 527 829 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 82% 32 $563.52 -4.86% -7.33% $93 995 664 394 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 94% 1 $0.999981 -0.03% 0% $74 156 265 433 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 69.2% 62 $203.61 -3.36% 4.31% $62 231 324 330 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 64.8% 72 $1.42 -8.66% -8.56% $47 386 208 203 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 65.6% 70 $0.847073 -8.28% -10.87% $40 021 926 228 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 95.6% 2 $0.999590 -0.04% -0.01% $39 871 779 233 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 62.8% 76 $29.29 -12.73% -17.58% $28 929 753 364 DOT 7 days price change
10 Terra (LUNA) LUNA Terra predictions 66.8% 65 $74.10 13.99% 67.51% $28 735 392 986 LUNA 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 74 $0.178634 -10.26% -13.05% $23 648 648 660 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64.8% 73 $92.34 -12.64% -18.20% $22 411 255 216 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.8% 73 $0.000037 -7.81% -5.02% $20 467 328 342 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 57.6% 86 $0.605372 -3.98% -24.08% $15 293 531 006 CRO 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 66.8% 62 $1.99 -10.33% 22.67% $13 980 255 925 MATIC 7 days price change

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