Bitcoin’s price recently shot past $103,000, and it seems a lot of people are jumping on the bandwagon.
New Addresses on the Rise
Data shows a huge spike in new Bitcoin addresses—over 344,000 in just one day! This “Network Growth,” as analysts call it, tracks how many new Bitcoin addresses are created each day. This increase could be due to several things: new users joining, old users returning, or even existing users creating multiple wallets for privacy reasons. Whatever the reason, it suggests a significant increase in Bitcoin activity.
The Chart Speaks Volumes
A recent chart clearly shows a rise in new Bitcoin addresses alongside the recent price increase. This isn’t surprising; big price jumps tend to get people excited and draw them to cryptocurrencies. Historically, successful Bitcoin rallies need fresh money to keep going, and this surge in new addresses suggests just that.
Low Open Interest: A Good Sign?
Interestingly, despite the price surge, “Open Interest” (the total value of open Bitcoin derivatives contracts) remains relatively low. This could actually be a positive sign, as past rallies driven by spot trading (actual Bitcoin buying and selling) have tended to be more stable.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading around $103,500, a nearly 7% increase over the past week.
