- Bitcoin sees more than 550 new addresses as network growth spikes.
- Bitcoin price was lackluster but maintained the $30,000 price range.
The recent movement of Bitcoin prices caused different reactions on different indicators. An intriguing statistic was the sighting of new users joining the network, which positively correlated with the price increase over the past few days.
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New users flock to Bitcoin
Bitcoin has been making waves lately, attracting a lot of attention and attracting a lot of users. Recent data from Glasnode revealed a remarkable increase in new addresses on the Bitcoin network. This increase was particularly significant because the last time it was observed was in April. At the time of writing, approximately 551,000 new addresses have been registered.
Source: Glassnode
The number was a notable increase from the 339,000 recorded on July 2. This wave of new addresses represents substantial growth within the network and opens up the possibility of further price spikes for BTC.
The influx of new addresses is not just a numerical increase; it also has implications for the demand for and value of Bitcoin. As more users enter the network, the demand for BTC could rise significantly, potentially impacting its overall value. This surge in new addresses also points to the potential for an exciting future for Bitcoin as it continues to spark interest and expand its user base.
Active addresses see an upward trend
While it may not be directly related, it is worth mentioning that the Bitcoin seven-day active address statistic has witnessed a recent upward trend. The chart showed a decline from about June 28, but there has been a slight upward trend since July 5. At the time of writing, the number of active addresses was about 5.2 million, showing a remarkable upward movement.
Source: Sentiment
On the other hand, there are no significant shifts in the volume chart, indicating stable trading volume. At the time of writing, the trading volume had passed 10 billion.
BTC remains bullish despite a bad trend
On the daily time frame, Bitcoin’s price movement has fallen more than it has risen since it hit the $30,000 price range. Surprisingly, however, it has managed to maintain this price point. At the time of writing, Bitcoin was trading at around USD 30,294, showing marginal gains of less than 0.5%.
Source: TradingView
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Despite the somewhat lackluster price trend, there was a positive signal from Bitcoin’s Relative Strength Index (RSI), signaling the strength of its bull run. At the time of writing, the RSI line remained above the neutral line, indicating favorable market sentiment.