As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the current surge in Bitcoin’s on-chain activity. The number of daily active addresses approaching 1 million is reminiscent of the buzzing activity we saw back in 2021, a period that preceded Bitcoin’s price skyrocketing to $60,000.
As a researcher, I’ve noticed an uptick in on-chain activity related to Bitcoin. The number of daily active addresses is approaching the million mark, according to the latest data.
The significant rise in Bitcoin’s (BTC) value towards $100,000 has sparked a spike in on-chain activity. Data from IntoTheBlock indicates a change in Bitcoin’s long-term usage pattern. On November 26th, analysts specializing in blockchain activity reported an increase in the number of daily active addresses on the Bitcoin network, nearing one million. They described this as the “first sustained surge of this magnitude since 2021.
As an analyst, I’ve noticed a remarkable shift in Bitcoin’s long-term activity trend. On-chain activities have surged noticeably, with the number of daily active addresses edging towards the one million mark. This is the most sustained growth at this scale since 2021.
— IntoTheBlock (@intotheblock) November 26, 2024
In simpler terms, Daily Active Addresses (DAA) in the blockchain world mean the count of distinct addresses that take part in transactions over a 24-hour span. This statistic is frequently used to evaluate the level of user interaction and adoption for a blockchain platform like Ethereum or Solana. An increase in daily active addresses usually suggests higher usage and investor interest, which may hint at network expansion or increased market demand.
Back in early 2021, as Daily Active Addresses (DAA) hit approximately 1.25 million, the value of Bitcoin climbed up to an impressive $60,000. However, it subsequently dropped back down into a price range around $20,000.
The struggle for Bitcoin (BTC) reaching $100,000 continues unabated.
— IntoTheBlock (@intotheblock) November 25, 2024
Although it’s uncertain where Bitcoin (BTC) might be headed next, data from IntoTheBlock indicates that approximately 460,000 wallets currently hold over 340,000 BTC at prices above $97,000. This could imply a robust base that may drive the price beyond $100,000, as suggested by analysts.
Currently, U.S.-based Bitcoin exchange-traded funds (ETFs) are displaying a contrasting pattern. This week, data indicates substantial withdrawals from these ETFs as the price of Bitcoin dipped below $93,000, sparked by a surge in long liquidations. According to SoSoValue’s data, these 12 Bitcoin ETFs experienced outflows totaling $438.38 million on November 25, ending a five-day streak of inflows, following a record-breaking $3.38 billion in weekly inflows the week before.
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2024-11-26 13:41