Bitcoin Value Reaches New High Above $28K as Number of Non-Zero Balance Wallets Increases


The value of Bitcoin skyrocketed to a new 11-month high on Sunday, 19 March as the buying pressure drove the cryptocurrency’s worth above $28,500. According to data shared by crypto exchange Bitfinex, BTC broke through a 273-day range wall as it surged beyond $28k. What’s more, the spike follows an uptick in spot buying.

All-Time High Above 44.7 Million in Non-Zero Balance Addresses

According to a report from Bitfinex, the Bitcoin network expanded with nearly one million new wallets that bought BTC and entered the non-zero balance category. After dropping to around 43.8 million around 23 February 2023, the number of non-zero balance wallets started growing rapidly due to fresh buying from both small and large buyers. As per the analysts at Bitfinex, the buying was led by Shrimps that hold less than 1 BTC as new retail money came to BTC.

 “After examining order flow and on-chain data, analysts at Bitfinex conclude that this rise in price past the range high can be attributed to spot buying by both larger and smaller investors and traders.”

By the 15th of March 2023, the on-chain data showed the number of non-zero balance wallets had reached 44.778 million. That’s nearly one million new addresses that added BTC as the sentiment improved.

This growth is a positive sign for Bitcoin’s network and suggests a bright future for the cryptocurrency.

Apart from the increasing number of non-zero balance wallets being an indicator of increased adoption and potential price appreciation, another metric that could indicate a potential BTC price spike is the 7-day EMA of “new addresses engaging with the Bitcoin network.”

According to Bitfinex, the metric has been rising and recently hit its highest level since June 2021.

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