Although BTC price has been moving between $10k and $11k, the market was still fearful and has been reporting low volume. Arcane noted that the low volume over the past week indicated that neither bulls nor bears were in control given the current price range and highlighted the uncertainty in the market.
Uncertainty in price but not in adoption
The price range might have made the temporary market appear stale, but this has probably contributed more for users to adopt BTC. The daily active addresses have been reflecting a strong rise in 2o20, with the 180-day average at an all-time high.
There were 1.15 million active addresses on Bitcoin by September 25. This was the highest level seen since January 2018.
Even though the peak in addresses was seen in December 2017 with a record of 1.28 million, the current growth was organically driven and appeared stronger this year. The rise in addresses in December 2017 could have been the result of the bull-run, however, that wasn’t the case in 2020.
The 180-day average [half year] was at an ATH as the number of active users of BTC escalated strongly and was looked as a healthy sign of adoption. As the use cases of Bitcoin evolve, the interest among people grows, paving a way for a strong market.
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