As Bitcoin (BTC) continues to rise, we see new investors starting to show interest in the leading cryptocurrency. As BTC breaks a different resistance every day, it has started to gain more attention. This led to the increase in the number of Bitcoin new addresses.
According to Glassnode data, it was observed that the Bitcoin network has created the highest number of new addresses since January 2018.
The interesting point here is that the number of new addresses opened has increased as Bitcoin experienced a serious upward movement. In short, as the Bitcoin price rises, people show more interest and start investing in the leading cryptocurrency.
This brought the FOMO phenomenon to mind. A user wrote to Glassnode’s tweet, “Hasn’t FOMO started yet?” He made a comment.
In addition, an analyst emphasized the movement of new addresses in recent months and stated that the increases in BTC volume historically preceded the increase in its price. In short, the number of new and active Bitcoin addresses is a very strong indicator for volume, according to the analyst. This can affect the price.