BTC sees surge in new addresses despite fluctuating prices. Here’s why…

• Bitcoin sees over 490,000 new daily addresses.
• Active addresses have reduced in the past few weeks as the BTC price fluctuates.

Recently, Bitcoin’s [BTC] price has been experiencing fluctuations within the 30,000 price range. Surprisingly, these fluctuations have resulted in more users joining the network rather than deterring them.

Additionally, recent data indicated a notable influx of new addresses, but the key question is whether this user surge has led to a corresponding increase in network activity.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin new addresses add numbers

Bitcoin has experienced a remarkable growth rate in the number of new addresses this year, far surpassing the figures from the previous year. According to a chart from Glassnode, the number of new addresses began to rise steadily after January. 

Source: Glassnode

Although it encountered mixed trends, the overall increase has been impressive. As of this writing, the observed count of new addresses had surpassed 490,000. In the first month of the first quarter, the number of new addresses exceeding 490,000 was only achieved once.

The peak number of new addresses occurred on 6 April, surpassing 570,000. During this period, Bitcoin was trading at approximately $28,000.

Active addresses becoming less active

On the other hand, when we analyze Bitcoin’s active addresses metric, we observe that while there have been activities, they haven’t precisely mirrored the increase in new addresses on the network.

A closer look at the chart showed that the number of active addresses decreased since approximately June. As of this writing, the count of active addresses was around 370,000, and the chart indicated this decline in activity.

Source: Glassnode

BTC volume and price trends

According to Santiment, normal activities were observed upon analyzing the Bitcoin volume chart, except for a notable spike on 20 July. This spike was significant, as the volume surged to over 93 billion.

To put it in context, the average volume had been hovering around 10 billion, occasionally spiking to 20 billion or 30 billion. As of this writing, the volume was around 10.6 billion.

Source: Santiment

– How much are 1,10,100 BTCs worth today

On examining the daily timeframe chart of Bitcoin, it could be observed that it had experienced a slight relief from its previous decline. As of this writing, BTC was trading at around $29,300, reflecting a modest increase of less than 1%.

Source: TradingView