Bitcoin Daily Active Addresses Approach 1 Million Despite Price Dip
2024
BTC
MM
DROPS
DAILY
- Daily active addresses of Bitcoin are approaching the 1 million mark with a prolonged increase of scale since 2021.
- 458K addresses brought 344k BTC above the $97,000 price level, laying a strong foundation for Bitcoin to cross the $100K mark.
The daily active addresses on the Bitcoin blockchain are witnessing a substantial increase and are approaching the 1 million mark, as per IntoTheBlock market intelligence platform. As Bitcoin is marching towards the $100k level, the on-chain activity is rising with the increased interest among Bitcoin users.
Bitcoin’s long-term activity trend has decisively shifted, with on-chain activity seeing significant growth.
— IntoTheBlock (@intotheblock) November 26, 2024
The number of daily active addresses is approaching 1 million, representing the first prolonged increase of this scale since 2021. pic.twitter.com/PheqxY52ej
Market intelligence and data analysis platform, IntoTheBlock posted on X depicting the rise in daily active addresses of Bitcoin from 2014 to 2024. The chart represents a prolonged increase in the number of active addresses which was recorded last time in 2021.
While the long-term activity of Bitcoin has clearly shifted and is on an upward movement, the on-chain activity is witnessing a significant growth. After a continuous spike in Bitcoin’s price for the last month, it is currently on a short-term downward trend. Despite the downfall, the on-chain activity is still on the rise, with several Bitcoin enthusiasts believing BTC will reach $100k by the end of 2024.
Bitcoin To Go Beyond $100K: IntoTheBlock
The battle for $100k $BTC rages on.
— IntoTheBlock (@intotheblock) November 25, 2024
While 60k addresses acquired 22.74k BTC above the current price, the real highlight is the growing support below:
458k addresses have amassed a staggering 344k BTC. A strong foundation to fuel a move beyond $100k pic.twitter.com/jJ9zqSX1kR
In a different post by IntoTheBlock, the data intelligence platform talked about the number of BTC addresses and the different price levels at which they accumulated Bitcoin.
While 60,000 addresses bought more than over 22,700 BTC above the $90,000 price level, 458k addresses amassed more than 340,000 BTC above the $97,000 price level. IntoTheBlock refers to these statistics as a strong foundation for Bitcoin’s price to go beyond $100K.
On another note, Bitcoin fell back to $92,000 to $94,000 range after rising slightly less than the $100K mark last week. Despite the dip, the community is still confident about Bitcoin, referring to the dip as a healthy pullback before Bitcoin finally reaches the $100K.
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