bullish

Bitcoin

Update Nov. 26, 12:32 pm UTC: This article has been updated to include quotes from Isaac Joshua.
Bitcoin is approaching 1 million daily active users for the first time since 2019, reflecting growing adoption in 2024. Analysts say this increase may help push Bitcoin’s price beyond the $100,000 mark.
On Nov. 26, blockchain analytics platform IntoTheBlock <a data-ct-non-breakable="null" href="https://x.com/intotheblock/status/1861338230676721786/photo/1" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/intotheblock/status/1861338230676721786/photo/1">noted</a> that Bitcoin’s onchain activity has seen its most significant growth since 2021. Nearing 1 million daily active addresses shows a shift toward broader retail adoption.
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 <img alt="Bitcoin nears 1M daily active addresses as price chases $100K" src="https://s3.cointelegraph.com/uploads/2024-11/01936832-adaa-779f-832b-fa729ce75e72" title="">
 <figcaption style="text-align: center;">
 Bitcoin: daily active addresses. Source: IntoTheBlock
 </figcaption>
</figure>
The increase in daily active addresses signals a transition from large investors, known as whales, to retail participants, according to blockchain expert Anndy Lian.
He told Cointelegraph:
<blockquote>
 “This could be a positive sign for the market, as it may lead to more stable price movements. Retail investors tend to behave differently than whales, who can cause significant price swings with their large trades.”
</blockquote>
Lian added that the growing number of active addresses indicates a healthier and more robust network, which bodes well for long-term Bitcoin investors.
The growing network activity is a promising sign for Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) battle toward the historic $100,000 mark, which it came within $200 of on Nov. 22.
<figure>
 <img alt="Bitcoin Wallet, Bitcoin Price, Bitcoin Analysis, Bitcoin Investors Trust, Bitcoin ETF" src="https://s3.cointelegraph.com/uploads/2024-11/01936834-ad83-76b5-be88-476952dc5c28" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-month chart. Source: Cointelegraph
 </figcaption>
</figure>
BTC saw a 6% correction to $92,400 on Nov. 26, mainly driven by large-scale <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-92-k-correction-triggered-long-term-hodlers-etfs" rel="null" target="null" text="null" title="null">selling from long-term BTC</a> holders, not outflows from United States-based spot Bitcoin exchange-traded funds (ETFs), according to Bloomberg analyst Eric Balchunas.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ether-price-correction-2025-target" rel="null" target="null" text="null" title="null">Ether price faces correction before rally to $20K in 2025 — Analysts</a>
<h2 id="new-bitcoin-investors-have-yet-to-start-buying-btc-and-exerting-upward-pressure">New Bitcoin investors have yet to start buying BTC and exerting upward pressure</h2>
Despite the price dip, the increase in active addresses remains a bullish indicator. Still, most new investors have yet to engage in significant buying or selling, Lian said.
“Trading volume has remained relatively stable despite the increase in active addresses,” he said. “This suggests that the onchain activity hasn’t yet translated into significant buying or selling pressure.”
<figure>
 <img alt="Bitcoin nears 1M daily active addresses as price chases $100K" src="https://s3.cointelegraph.com/uploads/2024-11/01936832-033c-7501-8506-0e9c58d33b72" title="">
 <figcaption style="text-align: center;">
 BTC average exchange trading volume. Source: Blockchain.com
 </figcaption>
</figure>
Bitcoin’s total trading volume across all exchanges stood at a daily average of $817 million on Nov. 26, compared to over $1.58 billion on Nov. 14, when Bitcoin price breached $90,500, Blockchain.com data <a data-ct-non-breakable="null" href="https://www.blockchain.com/explorer/charts/trade-volume" rel="null" target="null" text="null" title="null">shows</a>.
Still, investors should consider the potential of a wider market correction, according to Ryan Lee, chief analyst at Bitget Research:
<blockquote>
 “The market may be correcting, and investors’ profit-taking behavior may also be one of the reasons for the price drop. In addition, long leveraged positions above $3.40 billion face liquidation risks, which may further exacerbate price volatility.”
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-strategic-bitcoin-reserve-trump-presidency-1-m-btc-signal" rel="null" target="null" text="null" title="null">US Bitcoin reserve during Trump presidency could pump BTC to $1M</a>
<h2 id="can-1-million-active-users-push-bitcoin-price-to-100-000-milestone">Can 1 million active users push Bitcoin price to $100,000 milestone?</h2>
The resurgence in Bitcoin’s active users may contribute to Bitcoin’s rally to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-to-breach-100-k-in-nov-trump-mulls-crypto-friendly-cftc-chair-finance-redefined-nov-8-15" rel="null" target="null" text="null" title="null">the $100,000 record high</a>, which could potentially occur before the end of November, according to some analysts.&nbsp;
In another bullish sign, over 458,000 Bitcoin investors have acquired BTC above $96,700, which may offer significant momentum for the next leg up, wrote IntoTheBlock in a Nov. 25 X <a data-ct-non-breakable="null" href="https://x.com/intotheblock/status/1860974070696685992/photo/1" rel="null" target="null" text="null" title="null">post</a>:
<blockquote>
 “458,000 addresses have amassed a staggering 344,000 BTC. A strong foundation to fuel a move beyond $100k.”
</blockquote>
<figure>
 <img alt="Bitcoin nears 1M daily active addresses as price chases $100K" src="https://s3.cointelegraph.com/uploads/2024-11/01936831-7218-7ec0-979a-a0129d218298" title="">
 <figcaption style="text-align: center;">
 In/out of money around price. Source: IntoTheBlock
 </figcaption>
</figure>
Bitcoin’s price and network activity have seen significant growth since Donald Trump’s victory in the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-elections" rel="" target="_self" text="null" title="https://cointelegraph.com/news/us-elections">US presidential election</a> on Nov. 5, according to Isaac Joshua, CEO at Gems Blockchain Launchpad, who added:
<blockquote>
 “If this momentum continues, Bitcoin could be on track for $100,000. However, it will require significant inflows — around $500 billion more—into the market. This is achievable, given current daily trading volumes and growing adoption of Bitcoin as a hedge against inflation and a weakening dollar.”
</blockquote>
The growing onchain activity comes a week after <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etfs-inflows-china-etfs-outflows" rel="null" target="null" text="null" title="null">Bitcoin ETFs logged $2.4 billion</a> worth of inflows in their fourth-best week of investments, while economic concerns led to over $2 billion worth of outflows for China ETFs, marking the worst week of outflows in history.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-90k-forecast-crypto-trader-solana-etf-filings-hodlers-digest/" rel="null" target="null" text="null" title="null">Is Bitcoin heading back to $90K? Solana ETFs, and more: Hodler’s Digest, Nov. 17 – 23</a>

Bitcoin nears 1M daily active addresses as price chases $100K

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Cointelegraph

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