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Home»EXCHANGE NEWS»New Bitcoin Wallet Addresses Show Massive Decline, Hitting Lowest Point Since 2018
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New Bitcoin Wallet Addresses Show Massive Decline, Hitting Lowest Point Since 2018

By Crypto FlexsMay 20, 20243 Mins Read
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New Bitcoin Wallet Addresses Show Massive Decline, Hitting Lowest Point Since 2018
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Despite the current economic downturn, there are notable signs that the Bitcoin ecosystem is ready for a comeback.

About six months ago, the average number of new Bitcoin addresses per week increased to its highest level since the all-time high in December 2017. However, this only reflected the rumors in the Bitcoin community at the time.

For context, there was the fact that expectations for the approval of a spot Bitcoin ETF were at an all-time high. This was coming with the introduction of innovative protocols such as Ordinals and Half-Life Events. All of this has led to the creation of new Bitcoin wallets, reaching near record highs.

However, momentum has since weakened significantly, mirroring a similar pattern observed in early 2018.

The average daily number of new Bitcoin addresses has plummeted to around 275,000 over the past week, according to on-chain data from TheBlock. This marks a sharp decline from the average of 625,000 six months ago, reflecting a significant shift in market dynamics and investor sentiment within the cryptocurrency space.

Key indicators for a downtrend

Several key indicators have been observed to be contributing to this decline in new addresses: On the one hand, there are miner profits that have recently fallen to unimaginably low levels. This particular indicator shows the broader picture that not everything may be going as it should within the Bitcoin network. Miner revenue, measured as hashrate, is generally an indicator of the overall health and security of the network. Therefore, the current low hashrate means reduced miner participation, which may impact network stability and security.

Trading fees are another important indicator that is trending downward. Lower fees usually mean lower trading volume. This means that user activity on the network is also decreasing.

Future Outlook and Potential Recovery

Despite the current economic downturn, there are notable signs that the Bitcoin ecosystem is ready for a comeback. This is because the Bitcoin network’s innovative protocol continues to attract the attention of venture capital firms. This influx of investment suggests that there is still significant confidence in the long-term potential of Bitcoin and its underlying technology.

The focus on new protocols represents a shift toward improving the functionality and usability of the Bitcoin network. These developments could pave the way for increased adoption and renewed interest in the future. Venture capital involvement often provides not only funding, but also strategic guidance and resources that can accelerate the development and implementation of new technologies.

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