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Bitcoin fear of missing out (FOMO) intensifies: 344,620 new wallets appear as BTC surpasses $103,000
Unbridled Disclosure Latest data from the Bitcoin network reveals a surge in address generation as the value of BTC tops $103,000.
The boost in Bitcoin's Network Growth
In a recent post on X, the analytical firm Santiment has shed light on the latest trends in the Network Growth of Bitcoin. Network Growth, as detailed by the post, is an indicator that monitors the total number of new BTC addresses coming online daily.
The introduction of a new address is essentially the coin's first transaction on the blockchain. Multiple factors can cause an uptick in address creation.
Chainlink skyrockets 13% as exchange outflows escalate New users flocking to the network and old users resurfacing after selling, both contribute to an increase in Network Growth. Furthermore, existing users creating multiple wallets for reasons such as privacy could also contribute to this surge.
In essence, these factors, to varying degrees, are likely at play whenever we witness a spike in Network Growth, suggesting a possible increase in Bitcoin adoption.
Hot off the Press: BitStarz player lands a record $2,459,124 win! Could you be next? The chart shared by the analytics firm below shows the evolution of the Bitcoin Network Growth over the past month:
[Image of Bitcoin Network Growth chart]
As the chart indicates, the Bitcoin Network Growth has witnessed an uptick in sync with the recent market recovery, pointing towards a higher demand for BTC addresses. This shouldn't come as a surprise, as arousing price action typically draws investors to the blockchain.
Historically, successful Bitcoin rallies require substantial attention to fuel their continuation, and it's only with an influx of fresh capital that these runs can sustain their momentum.
In Other News: $263 million in crypto shorts wiped out as Bitcoin nears $100,000 In the past day, as the price of Bitcoin exceeded $103,000, investors have opened a staggering 344,620 new addresses, signaling a significant influx of new users.
Conversely, the BTC Open Interest has been lower relative to its market cap recently, as per an X post by analyst James Van Straten. The Open Interest is a metric that measures the sum total of derivatives positions related to Bitcoin currently active on exchanges. Previously, spot-driven rallies have exhibited greater stability when the Open Interest was higher, which could be a positive sign for Bitcoin's performance.
BTC Price
Currently, the price of Bitcoin is hovering around the $103,500 mark, marking a growth of approximately 7% in the past week.
Editorial ProcessEnrichment Data: - Net Adoption: A spike in address creation can be attributed to various factors like new users joining, returning users, or existing users creating multiple wallets. This surge can be interpreted as a sign of net adoption of Bitcoin, indicating growing interest or optimism in the cryptocurrency. - Indicators of net adoption: An increase in new address creation typically reflects rising demand for Bitcoin transactions and storage, signifying broader market enthusiasm and potential adoption. This activity is more noticeable during price rallies, as investors are likely to be drawn to blockchain activity. A surge in new address creation may suggest that a greater number of people are becoming involved in the ecosystem, but not all new addresses necessarily represent unique users.
- In the crypto sphere, an increase in the number of new Bitcoin addresses, as seen recently, can be a sign of net adoption, indicating growing interest or optimism in cryptocurrency.
- This surge in new address creation often reflects rising demand for Bitcoin transactions and storage, signifying broader market enthusiasm and potential adoption.
- Chainlink, a prominent cryptocurrency, has recently seen a 13% increase as exchange outflows escalate, potentially indicating an influx of new users or old users resurfacing.
- The uptick in Network Growth, as seen with Bitcoin, could be due to a combination of factors such as new users joining, returning users, or existing users creating multiple wallets for reasons like privacy.