Bitcoin On-Chain Fundamentals Strong, Addresses being Created at Pace Not Seen Since April Rally
Bitcoin price has been staying strong above $9,000 ever since this level was broken on Jan. 28. It’s been nearly two weeks that BTC price has been slowly making its way to $10,000 as it currently trades above $9,800. To date in 2020, the bitcoin price is up about 33.50%.
But it’s not only the price that is surging, on-chain fundamentals of the network are also just as strong.
The adjusted transaction value has surged to $6,548 up over 85% from last month and a whopping 103% YTD. Transaction count has also gone up to 324,343, an increase of 10.39% from last week’s 293,822.
Active Addresses Back above 400k
Another fundamental on the incline is active addresses. In 2020, these active addresses have increased by 21.61% to 779,243.
Interestingly, new Bitcoin addresses are currently being created at rates that haven’t been seen since the rally recorded in April, which took us to yearly high in June at $13,900. On June 28, new addresses topped at 449,591. In the subsequent months, it dropped to nearly 331k addresses.
According to Glassnode, the number of unique addresses are those that appeared for the first time in a transaction of the Bitcoin in the network.
Now, we are back on the rise and currently, these non-zero assets are at about 400k. The last time these high levels were seen was between the bull rally of May – July 2019. The trend no doubt is looking bullish but this on-chain metric is also easily manipulatable as one entity could have a number of addresses.
Crypto ATM Numbers Rising Fast
Explosive growth can also be seen in the crypto ATMs. From just above 6,300 at the beginning of the year, we are now moving closer to surpass 7,000, currently at 6,731, as per Coinatmradar.
Genesis Coin is the leading manufacturer with a 33.5% share of the market followed by General Bytes at 31.9%. All the other manufacturers have less than 10% share of the Bitcoin and altcoins ATM market.
When it comes to operators, the top 10 runs 43% (2,894) of the crypto ATMs while 538 other operators run 57% of the ATMs.
The United States meanwhile is still leading the race with a 68% share, having 4,576 ATMs. Any other country doesn’t come even close to the US but it is followed by Canada (10.2%), then the UK (4.1%), and Austria (2.5%).
A few countries like Greece, Spain, and Switzerland have just above 1% while the rest have less than 1% of the world’s crypto ATM share.