Bitcoin nears 1M daily active addresses as price chases $100K
2024-11-26

Update Nov. 26, 12:32 pm UTC: This article has been updated to include quotes from Isaac Joshua.
Bitcoin is approaching one million daily active users for the first time since 2019, reflecting growing adoption in 2024. Analysts believe this increase could help push Bitcoin’s price beyond the historic $100,000 mark.
On Nov. 26, blockchain analytics platform IntoTheBlock noted that Bitcoin’s onchain activity has seen its most significant growth since 2021. The network is nearing the milestone of one million daily active addresses, which marks a shift toward broader retail adoption.
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:
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 BTCUSD battle toward the historic $100,000 mark, which it came within $200 of on Nov. 22.
BTC saw a 6% correction to $92,400 on Nov. 26, mainly driven by large-scale selling from long-term BTC holders, not outflows from United States-based spot Bitcoin exchange-traded funds (ETFs), according to Bloomberg analyst Eric Balchunas.
New Bitcoin investors have yet to start buying BTC and exerting upward pressure
Despite the price dip, the increase in active addresses remains a bullish indicator. However, 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 explained. “This suggests that the onchain activity hasn’t yet translated into significant buying or selling pressure.”
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 shows.
However, investors should consider the potential of a wider market correction, according to Ryan Lee, chief analyst at Bitget Research:
Can one million active users push Bitcoin price to $100,000 milestone?
The resurgence in Bitcoin’s active users could contribute to Bitcoin’s rally to the $100,000 record high, which could potentially occur before the end of November, according to some analysts. 
In another bullish sign, over 458,000 Bitcoin investors have acquired BTC above $96,700, which could offer significant momentum for the next leg up, wrote IntoTheBlock in a Nov. 25 X post:
Bitcoin’s price and network activity have seen significant growth since Donald Trump’s victory in the US presidential election on Nov. 5, according to Isaac Joshua, CEO at Gems Blockchain Launchpad, who added:
The growing onchain activity comes a week after Bitcoin ETFs logged $2.4 billion 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.