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Bitcoin (BTC) metrics signal mixed sentiments amid the recent spike to $31,000. Notably, while the number of new addresses on the bitcoin network recently surged to a three-month high, a drop in fees to a four-month low might suggest decreasing network activity.
On-chain data provider Glassnode revealed these metrics in two separate disclosures. According to the blockchain data resource, the number of new addresses on the bitcoin network recently skyrocketed to 20,360.
#Bitcoin $BTC Number of New Addresses (7d MA) just reached a 3-month high of 20,360.107View metric:https://t.co/tDzY9Fl7QL pic.twitter.com/vu4qIBRUso— glassnode alerts (@glassnodealerts) July 11, 2023
The last time the network observed such many newly-added addresses over the seven-day moving average was in April. This metric indicates a significant increase in user activity and interest in the world’s leading cryptocurrency.
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The number of new addresses serves as a crucial indicator of the growth and adoption of bitcoin. The recent surge in new addresses suggests a renewed interest in the asset, potentially fueled by market developments or investor sentiment.
BTC price – July 11 | Source: Trading View
BTC recently soared past the $31,000 mark after three days of trading below it. The asset had spiked to a one-year high of $31,500 on July 6, triggering bullish projections. However, this rally was short-lived, as BTC eventually closed the day below $30,000.
The recapture of the $31,000 mark possibly triggered a resurgence of these bullish sentiments. This has compounded the increase in new addresses as market participants look to ride on the projected rally.
Bitcoin sees a drop in fees
However, another metric provided by Glassnode reveals a contrasting trend. The total fees paid for BTC transactions, measured over a seven-day moving average, have reached a four-month low of $22,905.
#Bitcoin $BTC Total Fees Paid (7d MA) just reached a 4-month low of $22,905.73Previous 4-month low of $22,933.24 was observed on 24 April 2023View metric:https://t.co/651pr49pgN pic.twitter.com/AfEHHov3uP— glassnode alerts (@glassnodealerts) July 11, 2023
This metric suggests that the cost of conducting transactions on the bitcoin network has decreased significantly. A fee decline could indicate reduced trading activity or a lull in general bitcoin usage. It could show decreased interest or transactional demand for BTC at that particular time.
However, a look at the Glassnode chart reveals an opposite correlation between network fees and bitcoin’s price in recent times. Notably, fees skyrocketed to a two-year high in May when BTC faced a steep decline from the high of $29,820 observed on May 6.
BTC eventually dropped to $25,811 following the two-year high in fees. The surge in network fees could be attributed to increased selling pressure as market participants seek to distribute their tokens amid the mid-May decline in bitcoin’s price.
Meanwhile, BTC is trading for $30,405, up 0.71% over the last 24 hours. This drop in network fees has coincided with increasing bullish sentiments as the bulls look to seal a position above the $31,000 threshold.
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