HD: Bitcoin increased on-chain movement could indicate this about the network

• Bitcoin is seeing more on-chain activities as average monthly addresses witness an increase.
• Despite the price increase, BTC has been unable to reclaim the $30,000 price range.

The on-chain activity of Bitcoin [BTC] appears to be increasing, indicating higher levels of interaction and usefulness. When comparing the monthly average of new wallets to the yearly average, it is evident that the monthly average is currently on the rise.

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New monthly Bitcoin addresses impress

Recent data on Bitcoin showed significant network growth at present. According to the data, the monthly figures revealed higher activity when comparing the average number of new wallets per month to the average number of new wallets per year.

This suggested that there was an increase in monthly interaction with the network. The improved network utilization also sets the stage for a potential positive price movement.

Earlier reports indicated that Bitcoin was experiencing an increase in the number of new addresses joining the network. However, it was observed that there was no corresponding uptrend in the number of active addresses.

Nevertheless, the latest statistics suggested that the growth in the number of new addresses could be the initial phase. Furthermore, there might be a subsequent increase in interaction on the network soon.

Bitcoin holders increase

Based on data from Santi

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Author: Adewale Olarinde

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