Bitcoin Nears 1M Daily Active Addresses in Echoes of 2021 Bull Run
Bitcoin's on-chain activity has reached new heights as it edges closer to the coveted $100,000 mark. According to data from IntotheBlock, the cryptocurrency's daily active addresses have surpassed previous records, echoing the momentum of its 2021 bull run.
On Tuesday, analysts noted that the number of unique addresses conducting transactions within a 24-hour window period has reached unprecedented levels. This metric is used to gauge user activity and blockchain adoption in networks like Solana and Ethereum.
A spike in daily active addresses indicates growing interest in the Bitcoin blockchain, with retail investors driving demand and network growth. In 2021, daily active addresses peaked at 1.25 million as the BTC price rallied to $60,000 before retreating to the $20,000 range.
Although the Bitcoin price dipped below $93,000 due to a long liquidation wave, data shows that 460,000 addresses have accumulated over 340,000 BTC at a price of more than $97,000. This could serve as a foundation for the $100k price rally.