Bitcoin Hits Second-Highest Daily New Address Count Since 2017, Signaling Resurgence

Bitcoin’s price remains in a sideways trend, trading just above the $25,000 mark, while the broader cryptocurrency market is mired in a sea of red. On the network side of things, however, Bitcoin is witnessing increased user adoption.

According to the latest data by IntoTheBlock, Bitcoin recorded the highest number of new daily addresses since 2017 this weekend, ranking second highest in history.

• A staggering 717,331 new Bitcoin addresses were created on September 9th, representing the highest in five years.
• Crypto analyst Ali Martinez revealed that the only previous instance of such a notable surge occurred on December 14, 2017, when a total of 800,180 new Bitcoin addresses were generated.
• This was during the Bitcoin bull market when the flagship crypto-asset surged close to $20,000 for the first time, and the increase in new addresses during that period was primarily due to retail investors rushing to participate in the market frenzy.
• The latest rise in new Bitcoin addresses could potentially demonstrate a rising interest in the cryptocurrency despite its sluggish price movement.
• Such a development could be seen as a positive sign for the near future since the increasing number of users serves as evidence of sustained confidence and trust in the network.
• Other Bitcoin fundamentals also appear bullish as both hash rate and mining difficulty currently hover near their respective all-time highs.
• Amidst gloom in the broader market, Bitcoin miners are also seeing increased transaction fees.
• Recently, on-chain analytics platform Glassnode noted that the portion of miners’ earnings generated from transaction fees reached a new monthly peak of 2.842%.