Bitcoin Witnesses Increase in User Adoption with Highest Number of New Daily Addresses Since 2017
Bitcoin’s price has remained stagnant, hovering just above the $25,000 mark, while the broader cryptocurrency market experiences a decline. However, on the network front, Bitcoin is observing a surge in user adoption.
Recent data from IntoTheBlock reveals that Bitcoin has recorded the highest number of new daily addresses since 2017, ranking as the second-highest in history.
- Last weekend, a staggering 717,331 new Bitcoin addresses were created, marking the highest number in five years.
- Crypto analyst Ali Martinez pointed out that the only other significant surge occurred on December 14, 2017, with a total of 800,180 new Bitcoin addresses generated.
- This increase in new addresses during the previous bull market was primarily fueled by retail investors eager to participate in the market frenzy as Bitcoin surged to nearly $20,000.
- The recent rise in new Bitcoin addresses indicates growing interest in the cryptocurrency despite its current price stagnation.
- This development can be seen as a positive sign for the future, as the increasing number of users demonstrates sustained confidence and trust in the network.
- Additionally, other Bitcoin fundamentals, such as hash rate and mining difficulty, are also showing bullish trends, and miners are benefiting from increased transaction fees.
- Glassnode, an on-chain analytics platform, reported that miners’ earnings from transaction fees reached a new monthly peak of 2.842%.
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