Bitcoin welcomes more newcomers as price remains relatively stable

• The number of BTC new addresses has spiked to its highest in over five months.
• The funding rate remained positive as traders expect more price rises.

Bitcoin [BTC] has recently seen a surge in new participants over the past few days, while its price remains stable within its present range. This increase in newcomers has also affected certain on-chain metrics. 

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Bitcoin sees new addresses spike

According to data provided by Glassnode, Bitcoin has witnessed notable surges in the creation of new addresses in recent days. The first significant uptick occurred around 9 September, with the number of new addresses spiking to over 717,000.

However, the most substantial surge transpired on 15 September when the number of addresses reached over 768,000. As of this writing, the figure has slightly decreased to around 666,000.

Source: Glassnode

Despite this minor decline, it was evident from the data that this represented the largest influx of new users in the past five months. Furthermore, this surge in new addresses coincides with Bitcoin’s price reaching approximately $26,000 and maintaining that level.

Although there has been a slight dip in the last two days, the price has remained above the $26,000 mark.

Not just new addresses, but active addresses

Santiment’s seven-day active addresses metric indicated a recent uptrend in the number of active addresses. A closer examination of the chart revealed a noticeable upward trajectory that commenced around 9 September, when the count reached approximately 5.1 million active addresses.

As of this writing, the tally of active addresses has nearly reached 6 million. This surge signified that the number of addresses engaging in BTC transactions has grown by nearly 1 million over the past eight days.

Source: Santiment

Impact on Bitcoin volume?

Despite the notable increase in new and active addresses, as indicated by various metrics, Bitcoin has been experiencing a contrasting trend in trading volume. A review of the volume chart provided by Santiment showed a consistent decrease in volume over the past couple of days. 

Source: Santiment

As of this writing, the BTC trading volume stood at approximately $6.8 billion, marking a decline from the over $13 billion observed around 14 September.

While it’s possible that this metric could see some further fluctuations before the close of the trading period, there has been an overall decline in trading volume.

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BTC sentiment remains positive

Based on data from Coinglass, the overall sentiment surrounding Bitcoin remained positive, even in light of its minor declines. As of this writing, the funding rate remained in positive territory, suggesting that traders anticipate a price increase.

When this metric is combined with the observed activities related to Bitcoin addresses, it could imply that there is an influx of new addresses, possibly in anticipation of an upcoming price rise.