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On-chain data shows the Bitcoin network is currently noting an uptick in Daily Active Addresses. Here’s what this could mean for BTC’s price.
Bitcoin Active Addresses Just Crossed The 800,000 Mark
In a new post on X, the market intelligence platform IntoTheBlock has discussed about the latest trend in the Daily Active Addresses of Bitcoin. The “Daily Active Addresses” here is an on-chain indicator that keeps track of the total number of BTC addresses that are becoming involved in some kind of transaction activity on the network every day.
When the value of this metric rises, it means the number of users becoming active on the blockchain is going up. Such a trend can be a sign that the interest in the cryptocurrency is on the rise.
On the other hand, the indicator going down implies investors may be shifting their attention elsewhere as not many of them are coming online to make moves on the network.
Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Daily Active Addresses over the past decade:
As displayed in the above graph, the Bitcoin Daily Active Addresses has witnessed a jump recently, suggesting user activity has grown on the network. This uplift in the indicator has come after the cryptocurrency has witnessed a price rally.
Historically, the blockchain has tended to become active during volatile periods, as investors usually come online to reposition themselves in such phases. As such, the latest spike in the Daily Active Addresses may not be too surprising.
Generally, rallies only end up being sustainable when they can attract user attention, as it’s the increased chain activity that can provide the fuel such a move needs to keep going. Price surges that are unable to induce an increase in the metric usually fizzle out before long.
Given that the Daily Active Addresses has jumped recently, the current recovery rally may at least be in the clear in terms of this, if the activity spike indeed corresponds to demand from the investors.
That said, while there has indeed been renewed activity on the Bitcoin network recently, the indicator’s current value of about 800,000 is still not too high when compared to the past.
Last year, the Daily Active Addresses managed to hit a high of 900,000. This value was still notably lower than the 1.2 million high that the blockchain saw during the past two bull markets.
BTC Price
Bitcoin has taken to sideways movement during the last few days as its price is still trading around the $94,800 level.
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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