Bitcoin Market 'Much Different Now' as New BTC Wallets Approach 2017 Highs

Published on by Cointele | Published on

New on-chain data suggests that demand for Bitcoin from new investors is growing.

Specifically, the number of new BTC addresses is nearing 2017 levels when the price hit $20,000.

"Has anyone noticed, daily active addresses is back above June 2019 levels, and approaching high of 1.29mm in December 2017. BTC market feels much different now."

Buyers show renewed interest as new BTC addresses rise.

After the Aug. 2 Bitcoin flash crash, both BTC and Ether have steadily increased in price.

With that said, the price of Bitcoin is steadily increasing as metrics like new BTC addresses continue to rise.

The data suggests that many investors appear to be gradually accumulating BTC. One possible reason behind the steady uptrend of Bitcoin in the past five days could be the profitability of addresses.

"The Bitcoin network has a total of 702.11 million addresses, from which 30.99 million currently have a balance in BTC. At the current price of $11,758.8, 93.76% of the addresses with a balance are currently profiting from their BTC positions."

While an argument for a take-profit pullback could be made, the current stability of BTC suggests otherwise.

In recent weeks, BTC has consolidated just below the level and it should be noted that consolidation near a near a key resistance area can be considered a sign of optimism.

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