The Number of Active BTC Addresses SOARS, Pay Attention to Rebounding Demand Now- Mar. 24th

After more BTC flowed out of the trading wallet, it indicated that although BTC had a short-term correction, investors were patient and unmoved by holding the currency. Analysts believe that based on this judgment, BTC has rebounded demand. The number of active addresses rebounded on March 23rd, which helped prices continue to stay strong.

On March 23rd, the number of active BTC addresses reached a recent high of 1.237 million, indicating that the trading enthusiasm of short-term investors is rapidly heating up. In particular, after BTC fell from around $60,000 to below $55,000, more traders are optimistic about the opportunity to buy and sell at low prices.

The on-chain transaction volume rebounded. On March 23rd, the on-chain transaction volume of BTC rebounded significantly, and the growth space was as high as 39%. In other words, investors are actively preparing for low-volume trading. Based on this judgment, the activity of BTC remains high, and the short-term 30-day moving average is expected to become the starting point for the price. A few hours ago, bitcoin price increased and it seemed that it is related to Musk’s announcement that users can buy a Tesla with bitcoin now. 

In terms of market performance, mainstream cryptocurrencies have risen in line with the BTC rebound, and the NFT concept has quickly supplemented the rise, with an average increase of 5.5%. THETA, which has the largest market value, rose by as much as 25%, continuing its price strength. At the same time, the prices of mainstream cryptocurrencies such as DOT and ETH, which are ranked top in market capitalization, have fully adjusted with BTC and have the basis for a short-term rebound. Therefore, in the direction of the transaction, traders can pay attention to the price increase expectations to a certain extent.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.