The Bitcoin network saw 717,331 new addresses created on September 9, the highest since December 2017.
New statistics suggest that Bitcoin’s underwhelming price action since the turn of this quarter does not accurately reflect user activity on the network.
According to on-chain data verified by multiple sources, the Bitcoin network saw a record number of new addresses created on September 9. Ali Martinez, a prominent crypto community figure, recently highlighted the development.
The latest milestone is the highest recorded on the blockchain since December 14, 2017 as BTC aimed to cross $20,000 for the first time at the time. On that day, Bitcoin saw 800,180 new addresses created within 24 hours.
— Ali (@ali_charts) September 10, 2023
Notably, the current milestone comes when the crypto market sentiment is largely bearish.
The Crypto Fear and Greed Index currently stands at 40, indicating uncertainty and fear among investors. Yet the growth in newly created addresses suggests many newcomers are defying market conditions to gain exposure to BTC.
Bitcoin Dips Near $25k Despite New Record
As noted earlier, Bitcoin’s improved on-chain metrics do not always correspond with price action. Despite the latest milestone in the number of new addresses, the price of Bitcoin dropped closer to $25,000, with the leading crypto asset losing close to 3% of its value in the past 24 hours.
Against the odds, market analysts remain confident that a BTC price reversal is approaching.
The Crypto Basic recently reported comments by Bloomberg’s Senior Macro Strategist, Mike McGlone. Barring worse macroeconomic developments, the analyst backs BTC to overcome the $30k mark on the way to kickstarting a new bull market.