Bitcoin (BTC) Sees Sudden Spike in Newly Creates Addresses

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Fri, 02/07/2020 - 20:45
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    The number of new Bitcoin (BTC) addresses is growing at a rapid pace while the coin's price flirts with $10,000

Cover image via www.123rf.com

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. 

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.  

Bitcoin Addresses
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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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