The adoption of Bitcoin (BTC) often coincides with the price of Bitcoin in some way. Of course, during a booming bull market, many new users enter the ecosystem. A different picture is currently emerging as the number of new addresses added daily is seeing a huge increase while the price is under severe pressure.
Bitcoin adoption: highest number of new daily addresses in 5 years
Well-known analyst Ali Martinez announced on September 10th in a message on X, formerly known as Twitter, that the daily number of new addresses rose to enormous heights on September 9th. Specifically, a whopping 717,331 new BTC addresses were created that day. This is the highest number since December 14, 2017, when 800,180 new addresses were created.
– Ali (@ali_charts) September 10, 2023
The 800,180 newly registered wallets on December 14, 2017 are the highest number in the entire history of Bitcoin and the most recent peak is therefore logically in second place.
The number of new addresses created does not directly correspond to the number of new users of the Bitcoin network. Each user can own multiple wallets. Nevertheless, we can safely say that the Bitcoin network is enjoying a large influx of new users, which of course is the case bullish is designed for the long term.
Last week in Bitcoin news you could also read that the total number of BTC wallets reached the milestone of 48 million. In this regard, adoption currently seems to have little concern about the uncertain BTC rate.
Bitcoin growth despite weak price
The peak of 800,180 new wallets occurred just before the peak of the 2017 bull market. This is of course a stark contrast to the current market, where there is no sense of euphoria. For this reason, it is a very interesting development that the network is currently welcoming so many new entrants while the price is struggling.
Bitcoin recorded its lowest weekly close since March last week. Yesterday, the price also fell sharply to a key support level at $24,800. From here, the price made a big bounce and we are currently trading at a price of $25,800.
However, the price remains uncertain and all eyes are on the US inflation numbers, which will be released tomorrow.