FOMO: Highest Ever Number of New Bitcoin Users Since 2017
Bitcoin’s price increased by about 22% over the past couple of weeks. Its gains were greater, but there was a sudden correction during the weekend.
In any case, it’s safe to say that volatility is back in the market, and with it, the interest is also increasing. In fact, data from Glassnode shows that the number of unique addresses to appear on Bitcoin’s network for the first time are at their highest level since 2017.
New BTC Addresses Surge
According to the popular cryptocurrency analysis firm Glassnode, “the number of unique entities appearing for the first time in the Bitcoin network is surging. This growth rate is the largest we have seen since late 2017.”
While there are a lot of metrics to keep an eye on, the number of unique entities that appear for the first time is particularly interesting. This is because they demonstrate fresh interest from new players in the market.
It’s also worth pointing out that the number of unique addresses is significantly higher compared to June last year when Bitcoin’s price was substantially higher for a brief period of time. This might be indicative of a more sustained rally going forward because more people are interested in the cryptocurrency despite the lower price point.
HODLers Remain Strong
Elsewhere, almost 95% of bitcoin in wallets are in profit, and this rate continues to grow. UTXO stands for the unspent output from a Bitcoin transaction.
Each BTC transaction starts with coins used to balance the ledger, and UTXOs are processed continuously and are responsible for the beginning and ending every transaction. Confirmation of a transaction will result in the removal from the spent coins from the UTXO.
However, it’s also worth noting that the percentage of profitable UTXOs is climbing to a zone that has historically signaled the top of a bull cycle. On every single occasion, the price has decreased substantially.
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