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Bitcoin Witnessed 700,000 New Addresses Created in a Single Day, Analyst Explains Why It Is an Important Milestone

Petar Jovanović

November 6, 2023

The Bitcoin network saw a major surge in activity yesterday, with over 700,000 new addresses created in a single day, according to crypto trader Ali. He believes this marks an important milestone for Bitcoin adoption.

In a recent Twitter thread, Ali pointed out that growth in new Bitcoin addresses is one of the best predictors of future price appreciation. More new users joining the network creates organic demand for the limited Bitcoin supply.

In an earlier tweet, he also noted large capital inflows into the crypto space:

“A lot of capital is flowing into crypto right now, signaling strong investor confidence. In fact, we spotted nearly $10.97 billion in positive capital inflows, the highest level in 2023!”

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Ali believes this accelerating user growth for Bitcoin will continue as the asset matures. More participants holding Bitcoin remove supply from circulation, increasing scarcity. With strong on-chain fundamentals, Ali sees room for significant Bitcoin price appreciation if adoption continues to grow at this pace.

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