Recent on-chain data reveals a surge in Bitcoin's active addresses, indicating a potential positive shift in the cryptocurrency's price. According to IntoTheBlock, the Daily Active Addresses metric has shown an increase, reflecting heightened transaction activity on the blockchain. This rise suggests growing user engagement, with over 900,000 addresses conducting transactions within 24 hours. The trend, which began in early June, signifies a renewed interest in Bitcoin after a period of decline. Such spikes in active addresses historically precede price surges, fueling optimism for bullish momentum. However, contrasting this optimism, the derivatives market shows a rise in bullish bets, potentially signaling an overheated market. Despite these mixed signals, Bitcoin's current price hovers around $61,900, highlighting the ongoing volatility in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news
