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Bitcoin Adds Nearly 1 Million Non-Zero Addresses in Under 1 Month – What Positive On-chain Trends Mean for the BTC Price

by poshak walia
March 17, 2023
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Bitcoin Adds Nearly 1 Million Non-Zero Addresses in Under 1 Month – What Positive On-chain Trends Mean for the BTC Price

The number of wallets with a non-zero balance that have been introduced to the Bitcoin network in less than a month is close to one million. The number of non-zero wallets on the network dropped from about 44.2 million to about 43.8 million by February 23rd, according to data provided by Glassnode, in late February. But, since then, this statistic has experienced a fierce upswing, reaching a new record high of 44.778 million as of March 15th.

Experts use the number of wallets associated with a Bitcoin address that have a balance greater than zero as a rough indicator of the network’s uptake. It is considered that more wallets with non-zero balances represent more unique network users and Bitcoin investors. Theoretically, an increase in the number of addresses with a balance greater than zero indicates more demand for Bitcoin, which should (over time) increase its value.

The number of wallets with non-zero addresses has sharply increased, but it’s not the only on-chain indicator of rising Bitcoin demand. The seven-day Exponential Moving Average (EMA) of New Addresses interacting with the Bitcoin network, according to Glassnode, has been rising since last summer and recently reached its highest level since mid-2021.

Since the end of last year, the seven-day EMA of the volume of daily transactions on the Bitcoin network has also increased, most recently reaching its highest level in more than two years.

The increase in the number of active addresses measured by the seven-day EMA has been somewhat less striking, but it has nonetheless lately reached multi-month highs of over 1 million, which appears to have been a ceiling since about the middle of 2021.

Finally, even the seven-day EMA of the network’s USD-denominated Total Transfer Volume is beginning to show very hesitant signals of recovering from levels that are extremely suppressed (by recent historical comparison).

Other On-Chain Metrics Suggest Bitcoin is Transitioning to a New Bull Market

The majority of the technical and on-chain indicators tracked by Glassnode in their widely used “Recovering from a Bitcoin Bear” dashboard are blinking green, and soon, all eight probably will be, as was mentioned in a previous post. To determine whether Bitcoin is moving from a bear market into a phase of recovery or a new bull market, Glassnode developed this well-known dashboard.

The Recovering from a Bitcoin Bear dashboard monitors eight indicators to determine whether or not Bitcoin is trading above significant pricing models, whether network utilisation momentum is rising, whether market profitability is returning, and whether the overall balance of USD-denominated Bitcoin wealth favours long-term HODLers.

Where Next for the BTC Price?

The world’s largest cryptocurrency by market cap, Bitcoin, is consolidating near the $25,000 mark after experiencing a spike in volatility at the conclusion of last week and the start of this week. Some believe that Bitcoin’s recent decoupling from US equities could continue to drive up the price of the cryptocurrency if worries about financial stability in the US and elsewhere continue to mount.

Many people consider Bitcoin, a decentralised, independent peer-to-peer payment network, to be a secure substitute for the fractional reserve system, which is based on money and is dominated by central banks. If the Fed meeting takes a decidedly dovish turn next week, that may be another positive development for Bitcoin (assuming that Fed officials fear a hawkish message could further roil the banking system).

Another positive factor is BTC’s recent sharp rebound from its 200DMA and Realized Price below the $20,000 mark. The ability of Bitcoin to break above significant long-term resistance in the $25,200–400 region earlier this week suggests that a move higher into the subsequent resistance zone around $28,000 and possibly even a test of $30,000 is now possible.

At LBM Solutions, we believe in the power of Bitcoin to revolutionize the financial industry and change the world. That’s why we offer a range of services to help you invest in Bitcoin with confidence. Whether you’re a seasoned investor or just getting started, we can provide the support and guidance you need to succeed.

So why wait? Take advantage of the incredible potential of Bitcoin and partner with LBM Solutions today. LBM Solutions is the best Crypto Token Development Company. Contact us to learn more about our services and start investing in the future today.

 

 

 

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