Originally published on: November 26, 2024
As Bitcoin’s price inches closer to the coveted $100,000 mark, its daily active addresses are approaching 1 million, a milestone not seen since 2019. This surge in active users indicates a growing adoption of Bitcoin in 2024, with analysts predicting that it could help propel the cryptocurrency’s price beyond $100,000.
Recent data from blockchain analytics platform IntoTheBlock highlights the significant uptick in Bitcoin’s onchain activity, signaling a shift towards broader retail adoption. This increase in daily active addresses suggests a transition from large investors to individual retail participants, according to blockchain expert Anndy Lian.
Lian noted that the rising number of active addresses reflects a healthier and more robust network, which is a positive sign for long-term Bitcoin investors. Despite a recent 6% correction in Bitcoin’s price to $92,400, brought about by selling from long-term holders, the surge in active addresses remains a bullish indicator.
While the trading volume has remained stable, indicating that the increased onchain activity has yet to translate into significant buying or selling pressure, analysts remain optimistic about Bitcoin’s potential to reach $100,000 before the end of November. Over 458,000 Bitcoin investors have acquired BTC above $96,700, providing significant momentum for the cryptocurrency’s next price surge.
The recent resurgence in Bitcoin’s active users, combined with positive network activity, has fueled speculation about a potential rally towards the $100,000 record high. As Bitcoin ETFs experience a surge in inflows and China ETFs face outflows due to economic concerns, the stage is set for Bitcoin’s ascent to new highs.
With Bitcoin’s price and network activity on the rise, investors are keeping a close eye on the cryptocurrency’s journey to $100,000. Stay informed with the latest developments in the world of finance by subscribing to the Finance Redefined newsletter for weekly updates on DeFi, market analysis, and new financial opportunities. Join us on this exciting journey as Bitcoin continues its remarkable ascent to new heights.