U.Today - Bitcoin's active addresses have surged to a three-week high, indicating a notable uptick in utility, according to crypto intelligence portal . For the first time since May 3, the number of active addresses for BTC has reached 960,000.
Source: This resurgence in Bitcoin address activity is a positive sign after the concerning decline observed in May. The increased utility is crucial for the sustained growth of cryptocurrencies, and it will be interesting to observe if can surpass 1 million daily active addresses as we head into June.
The surge in activity is mirrored by a notable positive shift in the price of BTC. The cryptocurrency has experienced growth of nearly 4%, reclaiming levels above $27,000. This upward trajectory in price is particularly encouraging as it paves the way for the possibility of surpassing the April low of $26,942, with the market having at least four more days to close above this crucial threshold. Such a development carries significant implications for the price movement of .
Odd future
However, as for now, the future of BTC and the broader crypto market remains uncertain, presenting a unique challenge. The well-known adage "sell in May" is drawing to a close, resulting in a natural decline in market volatility and liquidity.The scenario could change with of Hong Kong's doors to cryptocurrencies on June 1. This move has the potential to generate a reverse spike in volatility and liquidity, introducing a new dynamic to the market.