- The number of non-zero addresses has increased steadily in 2023
- The market mood also remains bullish
Hungry for Bitcoin [BTC], the world’s largest cryptocurrency, shows no signs of slowing down. This despite the fact that BTC has been around for more than 15 years.
Network growth is increasing
According to Ali Martinez, Over the weekend, more than 700,000 new addresses were created on the network in one day.
The increase in network growth occurred despite the price remaining largely stable. This means that new entrants were driven by Bitcoin’s long-term potential. They weren’t encouraged by the short-term frenzy that typically drives people into the world of cryptos.
Martinez called the event an “important milestone.” This is because Bitcoin’s network has historically been a proven indicator of long-term growth.
Whales give a signal
Bitcoin’s resilience in the bear market and its clean image amid an increasingly aggressive US regulatory environment have attracted investors from the traditional market.
For example, according to data examined by Glassnode’s AMBCrypto, the number of non-zero addresses on the network has steadily increased in 2023. At the time of writing, the count stood at 48.75 million – an addition of five million annually. -date (YTD) basis.
Source: Santiment
Whale investors have also shown significant interest recently. After a fairly quiet third quarter, addresses with a balance of more than 1,000 BTC coins have increased since October. Strong buying activity is generally viewed with optimism in crypto circles.
Another optimistic indicator is that investors in this group are not increasing selling pressure. According to CryptoQuantmuch of this pressure was exerted by the entities that owned between 10 and 100 coins.
As players were calm with most of the supply, fears of an immediate correction were put aside.
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The market remains optimistic
Bitcoin continued to trade around $35,000 over the weekend. At the time of writing, it was exchanging hands for $34,887. Only marginal gains were made in the last 24 hours.
The market mood also remains bullish. The prospect of a spot Bitcoin ETF being approved keeps the market optimistic.
Bitcoin Fear and Greed Index is 74. Greed
Current price: $35,049 pic.twitter.com/dYjnBbtHzv— Bitcoin Fear and Greed Index (@BitcoinFear) November 6, 2023