Published Sep 11, 2023 15:10
The Bitcoin network experienced a significant influx of new addresses over the past weekend, marking the second-highest rate in its history, according to data from market intelligence platform IntoTheBlock. This surge can be seen as an indicator of growing adoption of the cryptocurrency.
As of Monday, the daily value of the “new addresses” metric peaked at about 719,000 addresses. This figure is only surpassed by a spike in 2017, which remains the all-time high for daily new addresses. The metric tracks the total number of new addresses appearing on the Bitcoin network every day.
It’s worth noting that not only new users but also existing holders of the asset contribute to the creation of new addresses, often for reasons such as enhanced transaction privacy and division of funds into multiple wallets. However, a substantial proportion of new addresses created on any given day signal that new investors are entering the market.
This marked increase in new addresses suggests that more traffic is being attracted to the blockchain. Historically, higher adoption levels have been beneficial for Bitcoin, providing a more robust base for sustainable growth.
However, these positive effects typically don’t manifest in short-term periods. They tend to influence the asset’s performance over longer timespans.
The current Bitcoin price is hovering around the $25,153 mark.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com