Bitcoin sees a rise in new addresses as doubts around Silvergate impact BTC

ambcrypto.com:

Price fluctuations in Bitcoin [BTC] have been driven in the past by both individual and institutional investors. Recent developments, however, indicate that one party has far more sway than the other over the direction of the price.

Read Bitcoin (BTC) Price Prediction 2023-24

There has been an increase in the number of new addresses on the Bitcoin network, according to data from Glassnode. The gradual increase in Bitcoin prices occurring recently also coincided with the increase in new addresses.

Source: Glassnode

On 2 February, 505,298 new addresses were registered, as measured by the Glassnode metric. A thorough examination of the graph confirmed that it was the most significant number the network had seen in the preceding three months.

Also, November 2022 is the only month in the preceding five months to have seen statistics similar to, but somewhat higher than, November 2022.

According to Alicharts , the rising number of Bitcoin addresses is cause for optimism. As a result, barring any negative effect from institutional actors, the asset’s price may rise even more, signaling growing confidence in BTC.

When we consider the role of institutional actors, we see that the price of Bitcoin has been negatively affected by the collapses of exchanges like Mt.Gox, Terra, and FTX. Bitcoin was still trying to burst beyond the $24,000 barrier, but recent news might have dampened the rally.

In less than an hour on March 3, the price of Bitcoin [BTC] dropped from $23,500 to $22,240, a drop of almost 5%. There was widespread unease about the future of the crypto-friendly bank Silvergate Capital, which contributed to the decline.

According to CoinMarketCap data, the price decline reduced Bitcoin’s entire market capitalization by