Bitcoin is Growing Faster Than the Internet: Crypto Analyst Willy Woo

Bitcoin is Growing Faster Than the Internet: Crypto Analyst Willy Woo

The massive global network that connects all computers or mobile devices worldwide, known as the internet, is hands-down one of the most ground-breaking inventions of the 20th century. Although it was originally invented sometime around the 1960s, it only gained significant utilization in the 21st century.

Given the world we live in today, it is impossible to imagine without the internet. However, this innovation had a very slow and challenging start and took about three decades to amass a user base of 120 million people.

That said, recent data compiled by cryptocurrency analyst Willy Woo shows that this is roughly Bitcoin’s (BTC) current user base. Woo collected data from Cambridge Center for Alternative Finance and Glassnode and came up with a very conservative estimate of the BTC user base; 135 million.

The difference between the benchmark cryptocurrency and the internet is that BTC used significantly less time to get to that number—about twelve years. Consequently, Woo concluded that Bitcoin’s adoption rate is growing faster than that of the internet. He projected that Bitcoin could grow to a one-billion user base network by 2025 if it maintains its current growth rate. It took the internet four decades, in 2005, to get to a billion user base since its creation.

Although the user base, network activity, and price of the asset have grown dramatically since Bitcoin’s inception in 2009, the main narrative across the cryptocurrency community is that the industry is “still in its early years.”

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — February 3

Bitcoin appears to have regained some bullish momentum, following a 4.4% spike today. The bullish rally got sponsored by the bull run in Ethereum (ETH) over the past few days.

That said, BTC is now approaching the crucial $37,827 resistance as demand increases. What the cryptocurrency does at this resistance level will determine what its momentum for the next few days will be like. A break above the $37,827 resistance could open the doors to $40k, while a failure to clear the level could send BTC to the $34k support and possibly lower.

Meanwhile, our key resistance levels are at $37,827, $39,800, and $41,000. While our key support levels are at $36,000, $35,000 and $34,100.

Total Market Capitalization: $1.11 trillion

Bitcoin Market Capitalization: $684 billion

Bitcoin Dominance: 61.6%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.