Online data shows that Bitcoin themed activity addresses have exceeded the level of November 2021, indicating a surge in demand for Bitcoin.

Bitcoin active addresses have steadily increased in recent times

As mentioned by an investment analyst in the CryptoQuant post, some people in February were concerned that the indicator did not show any significant improvement. The 'active address' is an indicator that tests the daily total number of Bitcoin addresses participating in some transaction activities on the blockchain.

Naturally, this measurement takes into account the sender and receiver in these precise measurements. It also only contains a unique address, which means that all repeated trading addresses are only calculated once. Therefore, this indicator can determine the number of users using blockchain every day.

If the indicator is too high, it means that many addresses are currently being transmitted on the network. This development trend indicates that the current usage of blockchain is very high.

On the other hand, low value consumption means low internet activity. This trend can indicate that investors have a relatively low common interest in digital currencies.

Now, here is a data chart that shows the trend of the 30 day Simple Moving Average (SMA) system for Bitcoin active addresses in recent years:

As shown in the figure, during the 2022 stock market bear market period, most of the 30 day SMA Bitcoin active address indicators moved horizontally. This is generally considered during the bullish stage, as investors find the endless fusion associated with this type of stage particularly boring, resulting in only a very small number of participants on the blockchain.

However, relatively unstable events such as Benkui can indeed lead to many users becoming more and more active. They are eager to sell their coins to reduce losses or try to stop the decline. An example of these issues can also be seen in the data chart of the FTX crash phase in November 2022.

Rebound usually brings similar hazards, but this year's gradual price surge initially noticed that active addresses have not increased significantly. This has caused people's anxiety about the sustainability of growth, because in history, all delayed market prices need a large amount of daily total flow to maintain.

However, recently it has been quite significant that this indicator has been continuously and gradually improving, indicating that interest in buying and selling this asset has slowly but surely increased.

Recently, the 30 day SMA Bitcoin themed event address index has exceeded the historical high set in November 2021, indicating a high demand for digital currency in the sales market.

BTC Price

At the time of writing, the transaction price of Bitcoin was approximately $29700, which increased by 1% last week.