A recent development in the ever-evolving world of cryptocurrencies has revealed a decline in the number of new addresses for Bitcoin (BTC), as market sentiment shifts towards the industry’s largest cryptocurrency. Data from analytics platform IntoTheBlock shows that the seven-day average of new Bitcoin addresses dropped to 276 last week, a level not seen since July 2018.
The reason behind this decline is still uncertain, prompting IntoTheBlock to raise questions about the role of ETFs as a proxy for new users, whether people are leaving the market, or if there simply aren’t enough new participants entering the market.
Meanwhile, analysts from the Santiment platform have highlighted a change in crowd sentiment following Bitcoin’s price exceeding $66,000 this week. They also noted the positive sentiment towards Chainlink (LINK), which experienced significant highs after announcing a partnership with the Trust & Clearing Corporation (DTCC), the largest global securities settlement system. The DTCC recently completed a pilot collaboration with Chainlink, causing the price of LINK to increase by 30% in just 48 hours.
Santiment believes that the shift in crowd sentiment towards Bitcoin, combined with the bullish sentiment towards Chainlink, will contribute to further price increases. They also mention that the fear of missing out (FOMO) remaining low will be beneficial for these rises to continue.
In the past 24 hours, the cryptocurrency market has witnessed a significant surge in Bitcoin, with its value reaching over $67,400, the highest in over a month. After experiencing a sharp drop in early May, falling below $57,000, Bitcoin began to regain ground and surpassed $65,000 on May 6. Although it faced a brief reversal, dropping below $61,000 on May 10, the bulls managed to stabilize the price and prevent further declines.
It is important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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