Bitcoin's network experienced a surge in new address creation as BTC rallied above $103,000. On-chain data reveals that 344,620 new addresses were created in the past day alone, signaling a notable influx of users. This trend coincides with a recent price recovery rally, indicating rising demand for BTC addresses.
According to on-chain analytics firm Santiment, this increase in "Network Growth" suggests potential net adoption of the cryptocurrency. A spike in address generation can be attributed to new users joining, old users returning, or existing users creating multiple wallets. Historically, successful BTC rallies amass attention and require fresh capital to sustain momentum.
Analyst James Van Straten noted that Bitcoin's Open Interest remains low relative to its market cap. This could be a positive sign, as spot-driven rallies have historically been more stable. Currently, Bitcoin is trading around $103,500, marking an almost 7% increase in the last seven days.
This article is based on our author's analysis of materials taken from the following resource: Trusted Editorial content.