New Bitcoin address growth hits two-year high

Bitcoin’s price may be moving sideways, but its on-chain growth metrics seem to indicate that demand is rising.

While Bitcoin’s price has remained stagnant in recent days, the cryptocurrency’s fundamental growth metrics are attaining highs not witnessed in years.

Blockchain analytics firm Glassnode has revealed that the number of hourly new Bitcoin addresses has hit a two-year high, totaling 22,390, and surpassing the previous peak of 22,387 seen back in June 2019.

#Bitcoin $BTC Number of New Addresses (1d MA) just reached a 2-year high of 22,390.500

Previous 2-year high of 22,387.083 was observed on 26 June 2019

View metric:https://t.co/r5CnIIGLxw pic.twitter.com/Nj623ACkSQ

— glassnode alerts (@glassnodealerts) July 1, 2020

It’s one of a number of fundamentals explored by Glassnode’s analysts, who also noted that a 30.3% intraday rise places Bitcoin’s hourly transactions count at 15,865 per hour—marking a 10-month record.

#Bitcoin $BTC Number of Transactions (1d MA) increased significantly in the last 24 hours.

Current value is 15,865.375 (up 30.3% from 12,174.417)

View metric:https://t.co/vE50X7QA8g pic.twitter.com/p8Cm0lSOoi

— glassnode alerts (@glassnodealerts) July 2, 2020

Glassnode similarly highlighted the number of hourly active Bitcoin addresses, which now amount to 60,379—the highest recorded in little over a year.

#Bitcoin $BTC Number of Active Addresses (1d MA) just reached a 1-year high of 60,379.667

Previous 1-year high of 59,627.458 was observed on 11 June 2020

View metric:https://t.co/ocaOYR47dk pic.twitter.com/SOMlbkKJOh

— glassnode alerts (@glassnodealerts) July 2, 2020

This sharp uptick in daily growth seems to nod toward heightening demand for Bitcoin— even if its price action doesn’t reflect this.

New and active Bitcoin addresses stand out

It’s the number of new and active Bitcoin addresses that stand out, in particular. The last time these metrics saw this level of growth was shortly after Bitcoin’s parabolic stint and subsequent crash in December 2017 and early 2018.

Since Bitcoin’s March 2020 crash, statistics from Glassnode revealed that over 80% of aggregate Bitcoin addresses are in profit.