Biggest Crypto Gainers Today on DEXTools – EMOTI, YAMA, BOOST
Bitcoin recently experienced a huge influx of new addresses being created on its network even as its price continued to decline, according to data analyzed by crypto market expert Ali Martinez.
Martinez found that over 717,000 new Bitcoin addresses were generated on September 9, marking the largest single-day surge in new wallet addresses for the cryptocurrency in five years. The last time Bitcoin saw over 700,000 new addresses created in one day was back in December 2017.
Given this insight, what are the biggest crypto gainers today on DEXTools?
This spike comes as Bitcoin's price has fallen over 14% in the last month, now sitting around $25,100 as of writing.
The world's largest cryptocurrency by market capitalization has been caught in bearish sentiment along with the overall crypto market amid regulatory concerns, the strengthening of the U.S. dollar, and other macroeconomic factors.
Some analysts view the rapid growth in new Bitcoin addresses as a bullish sign, suggesting increased interest in accumulating the cryptocurrency at lower price levels.
However, others caution that continued price weakness could persist in the near term based on Bitcoin's bearish technical indicators.
While short-term price action remains uncertain and volatile, Bitcoin has still seen strong gains of nearly 55% so far in 2023.
The recent address growth will likely draw attention from market observers as a potential leading indicator of renewed momentum, though ongoing macro conditions make Bitcoin's path forward unclear.
With Bitcoin trading slightly lower with a loss of 2.82% so far today at $25,108, market participants are seeking more significant gains in lesser-known cryptocurrencies.
EMOTI, YAMA, and BOOST are spiking as some of the biggest
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