Bitcoin On Sunday, March 19, the price hit an 11-month high as buying pressure pushed the cryptocurrency above $28,500. according to on-chain data shared by crypto exchange bitfinex, the surge above $28k coincided with BTC piercing the 273-day range wall. But more importantly, the rally follows an uptick in spot buying.
Bitcoin’s non-zero balance addresses hit an all-time high of over 44.7 million
According to a report by Bitfinex, Bitcoin’s network grew with nearly one million new addresses buying BTC to move into the non-zero balance category. The number of non-zero balances after a drop to around 43.8 million around February 23, 2023 Purse The sharp move started amid fresh buying from both small and large buyers. Analysts at Bitfinex said that shrimp or wallets with less than 1 BTC led the buying in BTC as the new retail money.
“After evaluating order flow and on-chain data, Bitfinex analysts conclude that this increase in price beyond the higher range can be attributed to spot buying by both large and small-sized investors and traders. “
As of March 15, 2023, on-chain data shows that the number of wallets with non-zero balances had grown to 44.778 million. The addition of BTC translates to roughly a million new addresses as sentiment improves.
This growth is a positive indicator for bitcoin’s network and suggests that the cryptocurrency faces a bright future.
In addition to the rising number of non-zero balance wallets being an indicator of growing adoption and pointing to price appreciation, another metric that points to a potential BTC price spike is the 7-day EMA of “new addresses connected to the bitcoin network,
According to Bitfinex, the metric has shown an upward trend and recently reached its highest level since June 2021.