With the rising price of Bitcoin, it is not surprising that the excitement of industry speculators and experts is also surging. The sentiment surrounding the leading crypto has reached its highest in years and it appears that every other investor is trying to get their hands on the asset. Earlier this week, an online network for gambling sites, the Winning Poker network (WPN) explained that they had seen an increase in demand for payouts based in Bitcoin. The chief executive of WPN, Phil Nagy gave an interview to Bloomberg in which he explained that almost 95% of their payouts are now made in Bitcoin.
According to Nagy, Bitcoin’s price rally had caused a lot of excitement amongst the users and they are now demanding more and more payments in Bitcoin. The WPN CEO explained that since 2014, the company has been offering support for cryptocurrencies. However, as demand has gone up, the company has been forced to purchase more of the pioneer cryptocurrency. According to the estimates provided by the CEO, before the recent bullish run of Bitcoin, the BTC payouts of the WPN had been around $100 million. This made up 60% of the total transactions of the network. However, since the price rally occurred, the monthly payouts have also increased and they are almost $160 million now.
Oddly, this growth in demand for Bitcoin goes beyond poker players. As Bitcoin has now reached a three-year high, it is not surprising that more people have become conscious of the crypto and are buying it heavily. On November 18th, after Bitcoin reached the three-year high, Glassnode, a crypto analytics provider, reported that the number of new Bitcoin addresses had increased significantly. The company explained that for the first time since January 2018, the number of new Bitcoin addresses had clocked around 25,000 per hour.
However, it should be noted that the spike is still not close to the highest they had reached back then. The all-time high that had been recorded for Bitcoin addresses in a day was on December 21st, 2017, when 600,000 new addresses were established in a day. This year, Bitcoin has exhibited its potential in several ways, whether as a speculative bet or as a hedge against inflation. Since January, the leading cryptocurrency has seen a 300% increase in its price, which means there is a possibility that it could reach a new all-time high by the time this year ends.
Similar to 2017, renewed optimism in the crypto and FOMO is driving its price upwards. Investors have also become wary of a repeat of the bubble in 2017, but some market analysts believe things are different this time. Nic Carter, the co-founder of CoinMetrics referred to nine charts that disputed fears of a retraction. All metrics, whether they are institutional investment levels, Bitcoin spot prices in fiat or wallet balances over $10, indicate that the market is mature and giving robust performances. It is a lot different than what it was like back in 2017.