The foundations of Bitcoin (BTC) continue to show signs of strength. According to data provider Coin Metrics, the number of BTC active addresses has risen to a level not seen in more than two years.
Hans Hauge, head of quantitative strategy at crypto asset management firm Ikigai Fund, published a Coin Metrics chart highlighting the steady increase in the number of BTC active addresses over the years.
Hauge, who made statements on the subject, used the following statements:
“Bitcoin doesn’t have to be complicated. Supply is limited and the number of users has been growing exponentially all this time. ”
As is known, analysts use the active addresses metric to measure the adoption rate of a crypto asset. Metric refers to the number of unique addresses active on the network as the sender or receiver of the cryptocurrency.
On September 25, the number of BTC active addresses jumped to 1.14 million, the highest level since the 2017 bull market. The growth in user activity is occurring as Bitcoin bulls continue to trade around a key level. In short, such a situation may indicate that Bitcoin is getting stronger.