- The number of new bitcoin addresses has reached nearly 600,000 as the number of new accounts surged.
- BTC is on the third day of the decline, remaining below $30,000.
The bitcoin [BTC] The price has had difficulties in recent weeks. However, new addresses have kept popping up on the platform throughout this struggle. This raises the question of what impact this phenomenon could have on BTC despite the sluggish price action.
How much are 1.10.100 BTCs worth today?
New users join the Bitcoin network
Recently, Bitcoin has seen a notable uptick in new addresses. Based on Glassnode’s new address metrics, there was significant growth in August. Analysis of the chart revealed an increase that started around August 4th.
At the time of this writing, the number of new addresses exceeded 588,000. This was the second-highest influx of new addresses in nearly five months, with over 600,000 registered as of July 30.
Source: Glassnode
The data showed a notable divergence between bitcoin price and network growth. However, this discrepancy was viewed positively as it suggests the possibility of a sharp price increase due to increased demand from the newly created addresses.
This trend could mean a potential increase in the value of Bitcoin as more users join the network, indicating a growing interest in the cryptocurrency.
Active bitcoin addresses are showing positive signs
Analysis of Bitcoin’s 30-day active addresses showed a stable level of activity. The chart showed a slight upward trend around June, reaching about 18 million active addresses. Since then, the number has remained constant, with around 18.2 million active addresses recorded at the time of this writing.
Source: Santiment
In addition, the daily active addresses for Bitcoin are showing promising numbers. The average number of active addresses per day was around 900,000; At the time of this writing, it was over 400,000.
The data suggests that Bitcoin user activity has been stable and relatively resilient. This constant level of engagement could be viewed positively as it reflects continued interest in and use of the cryptocurrency.
BTC continues the negative trend
On a daily timeframe chart, Bitcoin has remained in a negative trend for three consecutive days. However, it’s worth noting that the decline on each of those days was relatively modest, staying below 1%. At the time of this writing, Bitcoin’s trading price is around $29,400, down less than 1%.
Source: TradingView
Is your portfolio green? Check out the Bitcoin Profit Calculator
Additionally, the ongoing downtrend has resulted in a significant shift in the short moving average (yellow line) from support to resistance around $30,000.
This shift indicates a change in market sentiment as the previous support level has become a significant impediment to upward movement in prices.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.