According to crypto intelligence portal Santiment, the number of active Bitcoin addresses has increased to a three-week high, signalling a significant increase in use. The number of BTC addresses that are currently active has surpassed 960,000 for the first time since May 3.
After a worrying fall in activity in May, this uptick in Bitcoin address activity is encouraging. For cryptocurrencies to continue to expand steadily, improved usability is essential. It will be fascinating to see if BTC can reach 1 million daily active addresses as June approaches.
The price of BTC has changed noticeably in a favourable direction, reflecting the increase in activity. The cryptocurrency increased by over 4%, regaining levels around $27,000. This upward price trend is especially promising since it opens the door for the market to overcome the important $26,942 low from April, with at least four more trading days remaining. Such a development has enormous ramifications for Bitcoin’s price changes.
Odd future
But for the time being, it’s unclear how Bitcoin and the larger cryptocurrency industry will develop, which poses a special problem. With the well-known maxim “sell in May” coming to an end, market volatility and liquidity are naturally declining.
With the introduction of cryptocurrencies to Hong Kong on June 1, the situation might alter. A reversal increase in volatility and liquidity might result from this action, giving the market a new dynamic.
