Bitcoin Adds Nearly 1 Million Non-Zero Addresses in Under 1 Month – What Positive On-chain Trends Mean for the BTC Price

cryptonews.com:

In less than one month, the Bitcoin network has added nearly one million wallets that hold a non-zero balance. According to data presented by Glassnode, in late February, the number of non-zero wallets on the network dipped from around 44.2 million to around 43.8 million by February the 23rd. However, this metric has since enjoyed a ferocious recovery to a new record high of 44.778 million as of Wednesday the 15th of March.

Analysts view the number of wallets on the Bitcoin address with a non-zero balance as a crude proxy for the network’s adoption. More wallets with a non-zero balance is assumed to correspond to more individual users of the network and investors in Bitcoin. A rising number of addresses with a non-zero balance theoretically signifies rising demand for Bitcoin, which should (in the long run) boost its value.

The sharp rise in the number of wallets with a non-zero address isn’t the only on-chain proxy for Bitcoin demand that is trending in a positive direction. According to Glassnode, the seven-day Exponential Moving Average (EMA) of New Addresses interacting with the Bitcoin network has been trending higher since last summer and hit its highest level earlier this month since mid-2021.

The seven-day EMA of the number of daily transactions taking place on the Bitcoin network has also been picking up since the end of last year, recently hitting its highest level in over two years.

The pick-up in the seven-day EMA of the number of active addresses has been a little less impressive, but it nonetheless also recently hit multi-month highs of more than 1 million, which appears to have been a ceiling since around the middle of 2021.

Finally, even the seven-day EMA of the USD-denominated Total Transfer Volume taking