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.