There has been an increase in the number of new addresses on the Bitcoin network, according to data from Glassnode. The gradual increase in Bitcoin prices occurring recently also coincided with the increase in new addresses.
On 2 February, 505,298 new addresses were registered, as measured by the Glassnode metric. A thorough examination of the graph confirmed that it was the most significant number the network had seen in the preceding three months.
In less than an hour on March 3, the price of Bitcoin [BTC] dropped from $23,500 to $22,240, a drop of almost 5%. There was widespread unease about the future of the crypto-friendly bank Silvergate Capital, which contributed to the decline.
According to CoinMarketCap data, the price decline reduced Bitcoin’s entire market capitalization by $22 billion.
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