Bitcoin does not care about unstable market

It seems that Bitcoin does not care at all about all the misery in the market. Compared to a week ago, the price has not changed, while we have learned that both Binance and Coinbase have been sued by the US Securities and Exchange Commission (SEC). Normally that would cause huge declines, but now we seem to be at a point where bad news no longer has an impact.

Is this the final end of the Bitcoin bear market?

The adoption continues

The fact that the adoption of Bitcoin continues steadily is evident from the numbers of the blockchain. How about, for example, the fact that more than 4.36 million addresses with a positive Bitcoin balance have been added in the year 2023. Of course, that does not have to be 4.36 million individuals, but they are strong numbers.

BTC address Newsbit

In total there are now more than 45 million addresses with a positive balance. That is so many addresses that not even half a Bitcoin would be available per address if you divided all 21 million Bitcoin over those addresses.

Furthermore, we do not even include Bitcoin at the exchanges. In that respect, it seems that the adoption of Bitcoin is really starting to take on impressive proportions. The king of the market once again shows why it has been at the top of the crypto world for over 14 years, in which competition is sometimes cutthroat.

Activity on the blockchain

The health and development of the network is characterized, among other things, by the growth of the number of daily active users. To map this trend, the chart below shows two important lines. The 30-day and 365-day average of this metric.

BTC new address

The monthly average briefly dipped below the annual average in May, but now appears to be on the rise again. That dip also had to do with the somewhat lesser period for Bitcoin that we saw in recent weeks.

Funnily enough, activity on the network wasn’t all that dramatic during the fall of FTX. This also had to do with the fact that the collapse of that exchange platform caused many people to find their own wallets more attractive again.

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