Bitcoin Sets Yearly High in Daily New Address Count

Discover the latest trends in the world of Bitcoin as daily new address count reaches a yearly high. Find out how increased interest and trust in BTC can potentially impact its long-term prospects.

Posted 7 months ago in Bitcoin

Illustration of Bitcoin symbol with a rising trendline

Bitcoin has reached a new milestone as the number of daily new BTC addresses hits a yearly high. According to cryptocurrency analyst Ali, approximately 527,000 new BTC addresses are being created every day, indicating a growing interest in Bitcoin despite its price fluctuations.

The spike in new addresses can be seen in Glassnode data, with a significant increase observed from late August to early September, surpassing 510,000. This surge in new addresses reflects a positive sign of sustained interest and trust in the Bitcoin network.

Despite the lagging prices, the Bitcoin network continues to exhibit positivity. On-chain analytics firm IntoTheBlock reported a 38% increase in Bitcoin network fees in the past week, indicating high transaction activity. However, Bitcoin's price has remained below $26,000, experiencing modest daily rises and a recent unsuccessful climb above the $26,000 level.

Bitcoin has faced a significant sell-off in the previous week, leading to a loss of market support and a bearish sentiment. Nevertheless, there is still hope for a potential recovery in BTC prices.

Last updated 9/10/2023, 3:03:51 PM


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