Notably, traders own more of the flagship digital currency, Bitcoin, as the number of addresses is rapidly increasing as the price also rises, indicating that retail investors are once again showing an interest in the market, according to insights by IntoTheBlock. The crypto intelligence platform highlighted: Similarly, prominent cryptocurrency trading expert Ali Martinez had a similar prognosis, noting that price movement has been correlated with the addition of a number of new addresses to the network, which he observed bodes well for more Bitcoin rises.
Bitcoin daily active addresses (DAAs) are on the rise
Furthermore, Bitcoin daily active addresses (DAAs) have been noticed to be increasing once again, according to recent data. It’s worth mentioning that it is common for DAAs to serve as a crucial signal for price movement. Whatsmore, Finbold reported on March 2 that with the price of BTC steadily climbing over the past week and reaching briefly above $45,000, its accumulation has also increased substantially too. In particular, the on-chain market shows that the number of the so-called accumulation wallets reached a new all-time high. In this case, we’re talking about Bitcoin wallets that have been active recently but haven’t spent any of the cryptocurrency. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
