How Bitcoin remains unfazed amid market instability

According to on-chain analytics firm Glassnode, addresses holding a non-zero number of BTC coins have increased by more than 5.4 million over the last one year.

Around 1.06 million wallets were added in the period from LUNA’s collapse to FTX. The new year rally boosted BTC’s network adoption even further, as more than 4.36 million non-zero addresses were added since the fall of FTX.Healthy network adoption is characterized by growth in daily active users and more transaction throughput. The graph below compares the monthly average of new addresses to the yearly average, capturing Bitcoin’s journey through 2022.

The monthly average dipped below the yearly average, indicative of contraction in on-chain activity and reduced network utilization. However, network activity recovered steadily and was unfazed during FTX’s collapse as the monthly average of new addresses remained above the yearly average in the latter part of 2022 and bull rally of 2023.

The recent dip had more to do with the low volatility phase in the market rather than Bitcoin’s weaknesses.Moreover, daily transactions on the Bitcoin chain have grown steadily over the last four months, with May logging record-breaking traffic. With the network getting jammed by transactions, miners fortune soared. This was because users shelled out extra fees to get their transactions validated, as highlighted below.The trend started with the minting of NFTs.

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