Bitcoin price reached an 11-month high on Sunday, 19 March as buying pressure pushed the cryptocurrency’s value past $28,500. According to on-chain data shared by crypto exchange Bitfinex, the surge to above $28k came with BTC piercing a 273-day range wall. But more importantly, the rally follows an uptick in spot buying.
Bitcoin’s non-zero balance addresses hit all-time high above 44.7 million
According to a report by Bitfinex, Bitcoin’s network grew with nearly one million new addresses buying BTC to fall into the non-zero balance category. After declining to around 43.8 million around 23 February 2023, the number of non-zero balance wallets started increasing rapidly amid fresh buying from both small and large buyers. Shrimps, or wallets with less than 1 BTC led the buying as new retail money came to BTC, analysts at Bitfinex said.
“After evaluating order flow and on-chain data, analysts at Bitfinex conclude that this increase in price beyond the range high can be attributed to spot buying by both larger and smaller-sized investors and traders.”
As of 15 March 2023, on-chain data showed the number of non-zero balance wallets had spiked to 44.778 million. That translates to nearly a million new addresses adding BTC as sentiment improved.
This increase is a positive indicator for Bitcoin’s network and suggests the cryptocurrency faces a bright future.
Apart from an increasing number of non-zero balance wallets being an indicator of growing adoption and points to price appreciation, another metric that points to potential BTC price spike is the 7-day EMA of “new addresses engaging with the Bitcoin network.”
According to Bitfinex, the metric has exhibited an upward trend and recently hit its highest level since June 2021.
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