A New Ray of Hope: Bitcoin Network Sees an Increase in Participation!

  • In recent weeks, the price of Bitcoin has faced difficulties. However, during this struggle, new addresses constantly emerged on the platform.
  • The analysis of Bitcoin’s 30-day active addresses showed a stable level of activity. The graph showed a slight increase around June and found approximately 18 million active addresses.
  • In addition, the daily active addresses for Bitcoin show promising figures. The average daily active address count has been around 900,000.

The decrease in Bitcoin price may have disappointed traders, but the growth in the Bitcoin network continues to increase rapidly.

New Addresses on the Bitcoin Network are Increasing

Bitcoin (BTC) (39)

In recent weeks, the price of Bitcoin has faced difficulties. However, during this struggle, new addresses constantly emerged on the platform. The potential results of this metric for BTC are a subject of curiosity despite the slow price trend.

Recently, Bitcoin has observed a significant increase in new addresses. According to Glassnode’s new address measurements, there was significant growth in August. The graph analysis revealed an increase starting around August 4th.

As of now, the number of new addresses has exceeded 588,000. This is nearly the second-highest influx of new addresses in almost five months, surpassing the 600,000 addresses recorded on July 30th.

bitcoin-number-of-new-addresses

The data showed a notable divergence between Bitcoin price and network growth. However, this divergence was evaluated positively as it indicated the possibility of a strong price increase due to increasing demand from newly created addresses.

This trend may imply a potential increase in the value of Bitcoin with more users joining the network, demonstrating increased interest in the cryptocurrency.

Active Addresses of Bitcoin Show Positive Signs

The analysis of Bitcoin’s 30-day active addresses showed a stable level of activity. The graph showed a slight increase around June and found approximately 18 million active addresses. Since then, the number has been consistently maintained, and as of the writing of this article, there have been approximately 18.2 million active addresses recorded.

bitcoin-daily-active-addresses

In addition, the daily active addresses for Bitcoin show promising figures. The average daily active address count has been around 900,000, and it is over 400,000 as of the writing of this article.

The data shows that Bitcoin user activity is stable and relatively strong. This consistent level of participation can be considered positive as it reflects the continued interest and usage of the cryptocurrency.

BTC Continues Negative Trends

A chart on a daily timeframe shows that Bitcoin has continued a negative trend for three consecutive days. However, each day’s decline has been relatively modest and remained below 1%. At the time of writing this, the transaction price of Bitcoin is around $29,178, experiencing an increase of less than 0.5%.

Furthermore, the continuous downward trend has caused the short Moving Average to move away from support as a significant resistance – around the $30,000 level. This change indicates a shift in market sensitivity due to the previous support level becoming a significant barrier against upward price movements.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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