Numbers worthy of a bull run. In the midst of a scorching summer where heat records are being broken on every continent, the situation on the crypto side is rather tepid. On the one hand, we have potential good newslike these Bitcoin ETFs, powered by BlackRock which sent crypto prices into a tailspin, or the decision concerning Ripple which gives a wild hope to the whole XRP army. On the other hand SEC hasn’t said its last word, and like in a good horror movie, the villain can always wake up for one last bad move. So what can you trust in this world of rumors, contradictory announcements and incessant intoxication? The numbers, of course! And when it comes to the number of new addresses created on the network Bitcoinwe’re hitting annual highs. Get out your calculators and start charting!
Half a million unique addresses created this month on the Bitcoin network
To monitor the various metrics concerning Bitcoinwe can trust a few major players in the sector, such as The Block Crypto Data which regularly provides a set of data relevant open-access data. Today, we’re going to look at the number of new addresses created on the Bitcoin network which is a relatively reliable indicator of the overall trend on the crypto market. And July marked a new milestone in the Annual ATH in this field with 501 440 new addresses registered on July 12.
This figure is the highest since April 8 last and his 499 000 addresses created, which was the latest annual record. But what’s probably most interesting is that this 7-day moving average is reaching levels not seen since a blessed period we all look back on with a certain nostalgia: the bull run of 2021.
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These are almost the standards of a bull run !
In fact, when you look at the graph below, you can see that the last two times the 500 000 addresses created were exceeded in 2021 and in 2018 during the two previous bull cycles. At the top of the market in 2018had reached the figure of 654 470 addresses registered over 7 rolling days, while in 2021 we were a little lower with 607 680.
This metric is used to observe thecraze of the general public for Bitcoin which is normally triggered during market tops or particularly favorable periods for crypto. The current situation is therefore all the more strange, because it cannot be said that we are really in the the same conditions as the two previous records. Or is a powerful movement building under the radar? It’s impossible to be sure based on this data alone.
Because once again, these are just numbers, and it’s relatively easy to interpret them to one’s advantage. As the saying goes, « Numbers are like people. If you torture them enough, you can make them say anything ».. But let’s end with another record, this time from last May, concerning the number of addresses holding at least 1 BTC which stood at 1 million. And soaring for over 10 years. Just numbers, we tell you.
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