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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions
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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Weekend Volatility Awakens Bitcoin Buyers, Active Addresses

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 2:09 pm
3 mins read

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Following the volatility of the weekend, Bitcoin holders seem to have woken up as active addresses break one million.

Number Of Active Bitcoin Addresses Reach Seven-Month High

As per the latest weekly report from Arcane Research, the crash during the weekend woke up sleeping Bitcoin investors as the number of active addresses observes a significant increase.

The “number of active addresses” is a Bitcoin indicator that measures the amount of addresses that showed some activity on the chain during a particular day.

If an addresses makes more than one move in a given day, the metric still only counts it as one active address. Because of this, the indicator may tell us an accurate picture about how many BTC holders shifted their coins that day.

When the number of active addresses rise in value, it means market activity is going up, and previously dormant addresses could be coming back up. This trend is usually seen around periods of high volatility.

On the other hand, when the indictor’s value goes down, it implies there aren’t many holders making moves. Such a trend may mean that investors are currently waiting to see the price make moves before they shift their positions. It may also simply be because of a lack of interest in the market at the time

Related Reading | Ethereum Strength Sends Bitcoin Ratio To 2018 Highs

Now, here is a chart that shows the trend in the value of the number of active addresses over the past year:

Bitcoin Active Addresses

Looks like the value of the indicator has been moving up for a while | Source: The Arcane Research Weekly Update - Week 48

As the above graph shows, the number of active Bitcoin addresses saw a sharp spike recently. The crash in the crypto’s price during the weekend was responsible for this sudden rise in the metric’s value.

Currently, the indicator’s value is above 1 million, the highest it has been in the past seven months. The last time higher values were seen was back in May, following the crash.

Related Reading | Majority Of Bitcoin Investors Got In This Year, Says Grayscale

As the market cooled down, there were only about 750k active addresses left by July. Since the bottom in that month, the indicator has been gradually rising in value.

It’s yet unclear if the current high values will continue to rise, or if the indicator’s value will once again drop down as the market calms down from the weekend’s volatility.

BTC Price

At the time of writing, Bitcoin’s price floats around $49k, down 24% in the last month. The below chart shows the trend in the price of BTC over the past five days.

Bitcoin Price Chart

BTC still in consolidation? | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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