Bitcoin News: BTC Nears One Million Daily Active Addresses as $100K Milestone Approaches

Bitcoin's (BTC) network activity is surging, with nearly one million daily active addresses recorded for the first time since 2019. This growing adoption marks a promising sign for Bitcoin’s (BTC)  price movement as it inches closer to the historic $100,000 milestone, which it narrowly missed by $200 on November 22. Analysts believe the rise in active addresses reflects increasing retail investor participation, potentially stabilizing Bitcoin’s price trajectory.Bitcoin Network Activity Hits New HighsOn-chain analytics platform IntoTheBlock noted on November 26 that Bitcoin’s daily active addresses are nearing one million—a level last seen in 2019. This surge highlights a shift toward broader retail adoption, a key factor in Bitcoin's resilience and future price performance.Blockchain expert Anndy Lian shared insights with Cointelegraph, emphasizing the implications of this trend:“This could be a positive sign for the market, as it may lead to more stable price movements. Retail investors behave differently than whales, whose large trades can cause significant price swings.”Price Correction and Market SentimentDespite the uptick in network activity, Bitcoin (BTC)  experienced a 6% price correction to $92,400 on November 26. According to Bloomberg analyst Eric Balchunas, this was driven by long-term holder sell-offs rather than outflows from U.S.-based spot Bitcoin exchange-traded funds (ETFs).Trading volumes remain relatively stable, signaling that the increase in active addresses hasn’t yet translated into significant buying or selling pressure. Ryan Lee, chief analyst at Bitget Research, cautioned that:“The market may be correcting, and profit-taking behavior, combined with long leveraged positions above $3.40 billion, poses liquidation risks that could exacerbate price volatility.”Can Active Users Drive Bitcoin to $100K?Bitcoin’s (BTC)  price resurgence is strongly linked to its growing user base. According to IntoTheBlock, over 458,000 investors acquired 344,000 BTC at a price above $96,700, forming a solid foundation for Bitcoin’s next rally.“This sets a strong foundation to fuel a move beyond $100,000,” IntoTheBlock stated in a November 25 X post.Isaac Joshua, CEO at Gems Blockchain Launchpad, expressed optimism about Bitcoin reaching $100,000 by year-end, crediting this momentum to Donald Trump’s recent U.S. presidential victory and growing adoption of Bitcoin as a hedge against inflation and a weakening dollar:“If this momentum continues, Bitcoin could be on track for $100,000. However, it will require significant inflows—around $500 billion more—to achieve this milestone.”Market Dynamics Favor Bitcoin’s GrowthThe broader market sentiment has remained bullish. Last week, Bitcoin ETFs logged $2.4 billion in inflows, their fourth-best week since launch. Simultaneously, economic concerns drove $2 billion worth of outflows from China ETFs, signalling a growing shift in investor focuses toward Bitcoin.With increasing on-chain activity, strong retail participation, and ETF inflows, Bitcoin remains well-positioned for its historic $100,000 milestone. As the network continues to grow and market momentum builds, all eyes are on Bitcoin’s ability to achieve this record-breaking milestone before the end of 2024.Related Articles:CME Bitcoin Futures Open Interest Drops SignificantlyWall Street Prepares New Risk Products for Cryptocurrency MarketEl Salvador's Bitcoin Adoption Shows Significant Progress, Report Finds