For onlookers, it is often difficult to determine if Bitcoin’s popularity is rising. Several statistics can help determine the current lay of the land. In terms of new Bitcoin addresses, the world’s leading cryptocurrency is firing on all cylinders.
New Bitcoin Addresses Skyrocket
It is always intriguing to keep an eye on the number of new Bitcoin addresses. Whereas this rate of growth has been fairly stable for some time now, a recent spike has been noted across the charts. Going from roughly 7,000 new Bitcoin addresses per day to over 22,000 is rather spectacular.
This rate of growth seems to indicate a lot of newcomers are finding their way to the world’s leading cryptocurrency as of late. Another explanation is how exchanges may be creating a lot of new addresses to distribute funds accordingly. Without other context, it is very difficult to determine what is going on exactly. It is the first time in a while that such massive growth has been recorded out of the blue.
Even so, it is good to see more Bitcoin addresses being created. Assuming these are primarily new users, it is likely there will be some positive market momentum as well. Sustaining growth has been challenging in the Bitcoin price department this year. Especially the battle for $11,000 is far from over, by the look of things.
For the time being, it seems as if this rise in new Bitcoin addresses has not impacted the BTC value too much. That is not entirely abnormal, given the current circumstances. A new address is only counted if it sends or receives a transaction. These transactions can be very large, but also for 1 Satoshi, so to speak.
The China Factor Could be at Play
As is often the case when these trends are discovered, there’s ample speculation. Figuring out this growth spike may prove to be a futile effort, though. Despite the transparent nature of Bitcoin technology, not everything can be derived from looking at the blockchain. One possible growth factor may come out of China, of all places.
More specifically, there is a “vote of confidence” from Chinese state media. In an unexpected turn of events, they called cryptocurrency the best performing asset of 2020. While this is public knowledge everywhere else, it is not something one would figure out in China all that easily. As such, the unexpected “thumbs up” from state media can get a lot more people excited about bitcoin and other assets. This will require creating plenty of new Bitcoin addresses.
The post Massive Growth in new Bitcoin Addresses may be due to Chinese State Media appeared first on BlocDesk.
Source: Massive Growth in new Bitcoin Addresses may be due to Chinese State Media