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

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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.

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