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Bitcoin price reached an 11-month high on Sunday, 19 March as buying pressure pushed the cryptocurrency’s value past $28,500. According to on-chain data shared by crypto exchange Bitfinex, the surge to above $28k came with BTC piercing a 273-day range wall. But more importantly, the rally follows an uptick in spot buying.

According to a report by Bitfinex, Bitcoin’s network grew with nearly one million new addresses buying BTC to fall into the non-zero balance category. After declining to around 43.8 million around 23 February 2023, the number of non-zero balance wallets started increasing rapidly amid fresh buying from both small and large buyers. Shrimps, or wallets with less than 1 BTC led the buying as new retail money came to BTC, analysts at Bitfinex said.

 “After evaluating order flow and on-chain data, analysts at Bitfinex conclude that this increase in price beyond the range high can be attributed to spot buying by both larger and smaller-sized investors and traders.”

As of 15 March 2023, on-chain data showed the number of non-zero balance wallets had spiked to 44.778 million. That translates to nearly a million new addresses adding BTC as sentiment improved.

This increase is a positive indicator for Bitcoin’s network and suggests the cryptocurrency faces a bright future.

Apart from an increasing number of non-zero balance wallets being an indicator of growing adoption and points to price appreciation, another metric that points to potential BTC price spike is the 7-day EMA of “new addresses engaging with the Bitcoin network.”

According to Bitfinex, the metric has exhibited an upward trend and recently hit its highest level since June 2021.

The post Non-zero Bitcoin wallets up 2.6% as BTC price hits $28k appeared first on Invezz.

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