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Bitcoin (BTC) Sees Sudden Spike in Newly Creates Addresses

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Fri, 7/02/2020 - 20:45
Bitcoin (BTC) Sees Sudden Spike in Newly Creates Addresses
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Bitcoin has recently experienced a sudden uptick in new non-zero addresses, its biggest one since April's rally.

The leading cryptocurrency is attracting more users after its price gained more than 30 percent this January.

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New price highs, new addresses 

According to Glassnode data, the number of new addresses created over a seven-day period surpassed 400,000. This coincided with the BTC price creeping closer to the $10,000 level. 

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The chart below shows that there is a clear correlation between the number of new addresses and Bitcoin's price action. The rapid growth of wallets came before Bitcoin's $13,888 peak in June, which ignited retail interest.

When the BTC price took a huge hit in December, it also took a toll on the creation of new addresses.  

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image by @glassnode

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500 mln confirmed transactions

Speaking of Bitcoin's fundamentals, the cryptocurrency that started it all surpassed 500 mln of confirmed transactions on Feb. 5.

The epic milestone came less than a month after the cryptocurrency community celebrated 11 years since the very first Bitcoin transaction between Satoshi Nakamoto and the late cypherpunk Hal Finney.   

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