Bitcoin price remains in a sideways trend, trading just above the $25,000 mark, while the broader cryptocurrency market is stuck in a sea of red. However, on the network side, Bitcoin is seeing increased user adoption.
According to the latest data from IntoTheBlock, Bitcoin recorded the highest number of new daily addresses this weekend since 2017, the second highest in history.
- An astonishing 717,331 new Bitcoin addresses were created on September 9, the most in five years.
- crypto analyst ali martinez revealed The only previous example of such a notable surge occurred on December 14, 2017, when a total of 800,180 new Bitcoin addresses were generated.
- It was during the Bitcoin bull market that the leading crypto-asset rose near $20,000 for the first time, and the increase in new addresses during that period was primarily due to retail investors participating in the market frenzy.
- The latest increase in new Bitcoin addresses could potentially demonstrate growing interest in the cryptocurrency despite sluggish price movement.
- As such Development This can be seen as a positive sign for the near future as the increasing number of users is evidence of continued trust and confidence in the network.
- Other Bitcoin fundamentals also appear bullish as both hash rate and mining difficulty are currently near their all-time highs.
- Amid the gloom in the broader market, Bitcoin miners are also seeing an increase in transaction fees.
- Recently, on-chain analytics platform Glassnode noted The share of miners’ earnings generated from transaction fees reached a new monthly peak of 2.842%.
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