Categories: Bitcoin

Bitcoin weekly new wallets drop to the lowest level since 2018

Number of new Bitcoin wallets drops to lowest level since 2018

Since 2018, the weekly number of Bitcoin addresses has fallen to its lowest level. The recent trend was influenced by developments in the Bitcoin space and the upcoming halving event. Market reports indicate that the Bitcoin ecosystem has recently added an average of 275,000 addresses. 

Reports indicate that the Bitcoin network offers low transaction fees and on-chain volume data. Innovative protocols in the Bitcoin ecosystem became popular with venture capital firms. It has paved the way for a future comeback, and the new trend indicates that only a few investors are entering the cryptocurrency marketplace now.

Returning investors and holders of multiple wallets will contribute to the spike in the number of Bitcoin wallets. The increase in new addresses is an indication of a long-term bullish Bitcoin trend, and the US SEC’s recent decision to approve spot exchange-traded funds has given the investor community exclusive access to the benefits of Bitcoin investment. Spot exchange-traded funds feature a conventional investment approach, and the huge transaction fees resulted in a substantial drop in active addresses.

Another possible reason for the price decline is the slowdown in the global cryptocurrency market. The recent decrease in new Bitcoin addresses raises apprehensions about the Bitcoin market’s prospects. Increased demand and price stability often correlate with high network activity. 

The current decline may indicate a radical shift in investor sentiment, likely toward derivatives speculation. The new development reflects the launch of spot exchange-traded funds, transaction fee undercurrents, and wider global crypto market trends. A thorough understanding of these aspects is critical for understanding the current and future state of the Bitcoin market.

The low number of new addresses indicates diminished interest and is a reflection of current investing sentiments in 2024. The new pattern highlights the impact of transaction fees on cryptocurrency market conditions once again. The recent breakthrough reflects the Bitcoin wallet’s unprecedented price decline in recent times. 

The enthusiasm for new Bitcoin projects is on a downward trajectory, and the mining revenue calculated by the hash rate has also been negatively affected by the recent price drop. The notable price drop will lead to an era of resurgence in the international cryptocurrency marketplace.

Bitcoin’s price is heavily influenced by supply, media coverage, and regulatory changes. It is also mostly influenced by competing cryptocurrencies and investor activity. The huge popularity of Bitcoin wallets among retail and institutional investors is mainly due to increased media coverage. Coinbase Wallet, Trust Wallet, MetaMask, Blue Wallet, and Exodus are some of the most popular Bitcoin wallets of 2024. 

The Coinbase Wallet is best for beginner crypto investors, and its user-friendly interface is its notable attraction. The MetaMask Bitcoin wallet can be linked to nonfungible token marketplaces and extends support to a plethora of decentralized applications. The Trust Wallet Bitcoin wallet supports a wide range of coins and tokens and features a built-in Web3 browser.

Trevor Holman: Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.