The number of new active Bitcoin addresses continues to grow, and the coin's recent rally is contributing to this increase.
According to data from Glassnode, the number of active Bitcoin addresses peaked at 1.06 million in October 2021, before falling to 700,000 in July 2022. However, since then, the number of active addresses has risen again , reaching 800,000 in October 2022.
This increase in the number of active addresses suggests that more people are using Bitcoin, whether to buy, sell, store, or use the currency for other purposes. The coin's recent rally may be contributing to this rise as it has attracted the attention of new investors.
Additionally, the increase in the number of active addresses may also be due to the growing adoption of Bitcoin by businesses and governments. For example, El Salvador became the first country in the world to adopt Bitcoin as legal tender in September 2021.
The increase in the number of active addresses is a positive indicator for the Bitcoin market. It suggests that the currency remains popular and its adoption is growing.
Here are some factors that could be contributing to the increase in the number of active Bitcoin addresses:
🔸The recent rally of the currency.
🔸The growing adoption of Bitcoin by businesses and governments.
🔸The growing popularity of DeFi and NFT applications, which use Bitcoin.
🔸The number of active Bitcoin addresses is likely to continue growing in the coming months and years.
source: Glassnode
