Bitrabo Editorial
Recent on-chain data reveals a positive trend in Bitcoin’s active addresses, hinting at a potential boost in the cryptocurrency’s price.
Rise in Bitcoin Daily Active Addresses
According to information from the market intelligence platform IntoTheBlock, Bitcoin has experienced a surge in its Daily Active Addresses, indicating increased transaction activity on the blockchain.
The Daily Active Addresses metric tracks the total number of unique addresses engaging in transactions daily, considering both senders and receivers.
An upswing in this metric signifies heightened network activity, suggesting a growing interest in the cryptocurrency. Conversely, a decrease indicates diminishing blockchain activity, potentially signaling waning investor interest.
The following graph illustrates the trend in Bitcoin’s Daily Active Addresses over recent months:
Recent data shows a significant rise in Bitcoin’s Daily Active Addresses, surpassing the 900,000 mark at its peak. This surge reflects a growing trend since early June, marking a recovery to levels seen in mid-April.
Historically, sustained price rallies are often supported by continued user growth. Therefore, the increase in Daily Active Addresses could potentially pave the way for a price surge in Bitcoin.
It remains to be seen whether this uptick in activity will lay the groundwork for a renewed bullish momentum in the cryptocurrency.
Additionally, there has been a rise in bullish sentiment in the Bitcoin derivatives market, as highlighted by CryptoQuant’s Maartunn in a recent X post.
Recent data shows a positive spike in Bitcoin’s funding rate, indicating a dominance of long contract holders over short positions. While historically this sentiment has not been favorable for Bitcoin’s price.
BTC Price Movement
Currently, Bitcoin is trading around $61,900, experiencing a slight decline of over 2% in the last 24 hours.