Bitget Reported a Surge In New Users Buying Bitcoin in December

Autumn marked a shift from a bear to a bull market: after 533 days, surpassed the threshold of the true average market price, according to Glassnode. Over 95% of short-term holders, mostly comprising traders and retail investors, were in profit.

Source: Glassnode

As the year nears its end, BTC maintains a record-high transaction volume. On December 5, miners handled a historic peak of 707,876 transactions in a single day.

The trend was reflected also in the number of new users who went to buy Bitcoin on exchanges. Bitget reported that the number of their new users in the first week of December this year exceeded the number of new users for the entire December of last year by 20%. Notably, 89% of the new users acquired Bitcoin and other cryptocurrencies, while 61% purchased only Bitcoin. The exchange correlates the surge in this interest from retail traders with a surge in internet search queries. According to Google Trends, Bitcoin-related search queries doubled during this period.

Buy Bitcoin on Bitget

Additionally, the first week of December witnessed an increased demand for copy trading in the spot market amongst Bitget users compared to the first week of November, with a 23% rise in users engaging in copy trading. Copy trading for cryptocurrency derivatives has also gained popularity, attracting 17% more Bitget users in the same week compared to the entire December of the previous year.

Notable is the increasingly growing interest in BRC20 tokens. The trading volume of tokens in Bitget’s BRC20 Zone, such as ORDI, SATS, and RATS, during the first week of December, is more than half of the total volume traded in November of this year. This growing interest can be explained by the Ordinals (ORDI) BRC-20 token reaching a market value exceeding $1 billion in the same period, becoming the first of its kind to do so. Its price skyrocketed 28% on December 6 and reached an all-time high of $65.18 a few hours ago.

ETFs will likely create a powerful impetus for Bitcoin, leading to a record-breaking surge in the coming year. Yet, even without ETFs, Bitcoin has strong reasons to sustain its momentum. According to Bitcoin analyst Willy Woo, “Bitcoin is far from a commodity market at saturation”. He suggests that BTC will continue to grow with a spot ETF, given that the network has grown from 10,000 users in 2010 to over 300 million people using it as a store of value.

We’ll probably never see BTC going below $30k again if this on-chain pattern holds true… (8 for 8 so far)

What you see here is #Bitcoin’s price discovery across 13 yrs. It’s a contour map the BTC supply according to the price HODLers paid for their coins, and how it changed… pic.twitter.com/7QzxDQZH3S

— Willy Woo (@woonomic) November 21, 2023

Acceptance of the cryptocurrency is steadily increasing year by year. Moreover, with a capped supply of 21 million coins, growing demand creates scarcity, consequently driving up its value. The trend of reducing circulating supply has been ongoing since 2020, as more coins are held in wallets for extended periods. This trend will be further intensified by the upcoming halving event, according to Bitget analysts.

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