{"id":648372,"date":"2024-10-17T04:00:09","date_gmt":"2024-10-17T04:00:09","guid":{"rendered":"https:\/\/ktsl888.com\/?p=648372"},"modified":"2024-10-16T17:18:29","modified_gmt":"2024-10-16T17:18:29","slug":"bitcoin-sees-massive-surge-in-active-addresses-heres-what-it-signals-for-price","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-sees-massive-surge-in-active-addresses-heres-what-it-signals-for-price\/","title":{"rendered":"Bitcoin Sees Massive Surge In Active Addresses: Here\u2019s What It Signals For Price"},"content":{"rendered":"

Bitcoin has been experiencing a notable increase in network activity, as indicated by a surge in active addresses.\u00a0Data<\/a> shows that the cryptocurrency has seen a resurgence in user engagement following a sluggish performance during July and August since the start of September<\/span>.<\/p>\n

With this uptick in activity, it is worth assessing Bitcoin to see what this development could spell for the asset’s price trajectory<\/a>.<\/p>\n

Related Reading: Bitcoin Finally Breaks Above Falling Wedge Pattern\u2014Here\u2019s The Next Target<\/a><\/div>\n

The Increase In Active Addresses<\/h2>\n

A CryptoQuant analyst, who goes by the pseudonym Crazzyblockk, recently highlighted this trend on the CryptoQuant QuickTake platform, emphasizing that the spike in active addresses is a promising sign for Bitcoin.<\/p>\n

According to the analyst, the \u201cBitcoin Active Address Momentum\u201d metric, which compares monthly and yearly moving averages of active addresses, has shown a significant rise, indicating a positive shift in network activity.<\/p>\n

\"Bitcoin
Bitcoin actively addresses momentum. | Source: CryptoQuant<\/figcaption><\/figure>\n

For context, the Bitcoin Active Address Momentum metric is used to track changes in the level of user activity on the network. By comparing monthly and yearly moving averages, the metric helps\u00a0detect\u00a0increased or decreased engagement patterns<\/a><\/span>.<\/p>\n

In this case, Bitcoin\u2019s active addresses have surged above both the monthly and yearly moving averages, marking a potential turning point for the network.<\/p>\n

What This Surge In Active Addresses Means For Bitcoin<\/h2>\n

Crazzyblockk explained that while it is challenging to correlate the rise in active addresses with price performance directly, this growth represents a broader trend of renewed interest in Bitcoin.<\/p>\n

Historically, spikes in active addresses have been associated with increased demand, often preceding or occurring during bullish market cycles. This surge in user participation may signal a growing demand for Bitcoin, potentially fueling a more sustained upward movement in price<\/a>.<\/p>\n

Meanwhile, although Bitcoin’s price performance<\/a> throughout the summer months was lackluster, increasing active addresses may catalyze a renewed bullish phase.<\/p>\n

The analyst further noted that increased network activity is often critical to long-term price growth. Therefore, this spike in active addresses is a positive development that should be monitored.<\/p>\n

Related Reading: Bitcoin Analyst Reveals Best On-Chain Metric For \u2018Day-To-Day Trading\u2019<\/a><\/div>\n

Network activity is often viewed as a key indicator of market sentiment and investor interest. The market may be gearing up for another expansion phase, with user engagement increasing. This could also impact other cryptocurrencies, as Bitcoin\u2019s price trends<\/a> often influence the entire crypto market.<\/p>\n

So far, Bitcoin seems to be gradually reflecting the implication of this increase in network activity. Over the past week, the top crypto has risen by nearly 10% as it trades above the $67,000 price.<\/p>\n

\"Bitcoin
BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been experiencing a notable increase in network activity, as indicated by a surge in active addresses.\u00a0Data shows that the cryptocurrency has seen a resurgence in user engagement following a sluggish performance during July and August since the start of September. With this uptick in activity, it is worth assessing Bitcoin to see what this development could spell for the asset’s price trajectory. Related Reading: Bitcoin Finally Breaks Above Falling Wedge Pattern\u2014Here\u2019s The Next Target The Increase In Active Addresses A CryptoQuant analyst, who goes by the pseudonym Crazzyblockk, recently highlighted this trend on the CryptoQuant QuickTake platform, emphasizing that the spike in active addresses is a promising sign for Bitcoin. According to the analyst, the \u201cBitcoin Active Address Momentum\u201d metric, which compares monthly and yearly moving averages of active addresses, has shown a significant rise, indicating a positive shift in network activity. For context, the Bitcoin Active Address Momentum metric is used to track changes in the level of user activity on the network. By comparing monthly and yearly moving averages, the metric helps\u00a0detect\u00a0increased or decreased engagement patterns. In this case, Bitcoin\u2019s active addresses have surged above both the monthly and yearly moving averages, marking a potential turning point for the network. What This Surge In Active Addresses Means For Bitcoin Crazzyblockk explained that while it is challenging to correlate the rise in active addresses with price performance directly, this growth represents a broader trend of renewed interest in Bitcoin. Historically, spikes in active addresses have been associated with increased demand, often preceding or occurring during bullish market cycles. This surge in user participation may signal a growing demand for Bitcoin, potentially fueling a more sustained upward movement in price. Meanwhile, although Bitcoin’s price performance throughout the summer months was lackluster, increasing active addresses may catalyze a renewed bullish phase. The analyst further noted that increased network activity is often critical to long-term price growth. Therefore, this spike in active addresses is a positive development that should be monitored. Related Reading: Bitcoin Analyst Reveals Best On-Chain Metric For \u2018Day-To-Day Trading\u2019 Network activity is often viewed as a key indicator of market sentiment and investor interest. The market may be gearing up for another expansion phase, with user engagement increasing. This could also impact other cryptocurrencies, as Bitcoin\u2019s price trends often influence the entire crypto market. So far, Bitcoin seems to be gradually reflecting the implication of this increase in network activity. Over the past week, the top crypto has risen by nearly 10% as it trades above the $67,000 price. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":648381,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,1119,78790,6664,10923,83531],"class_list":["post-648372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\nBitcoin Sees Massive Surge In Active Addresses: Here\u2019s What It Signals For Price<\/title>\n<meta name=\"description\" content=\"Bitcoin has apparently been experiencing a notable increase in network activity, as indicated by a surge in active addresses. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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