Recent data indicates that the Bitcoin blockchain is gaining more than 35,000 new users per day. The data suggest that cryptocurrency exchanges are onboarding additional 100,000 new users daily.
Bitcoin blockchain gains a massive number of users daily
The leading cryptocurrency has been on a rally since the start of the year. Year-to-date, Bitcoin’s price is already up by roughly 100%. The price surge has attracted retail and institutional investors as they look to profit from the market.
Although it is obvious that retail and institutional investors and traders are trooping into the market, it is unclear how fast the adoption is spreading. As recent data shows, we now have an idea that more than 35,000 new users are seen on the Bitcoin blockchain per day.
Bitcoin on-chain analyst Willy Woo revealed this yesterday. He tweeted, “Pink line: The number of new users seen on the blockchain per day (30d MA). 35,000 new users per day arriving on-chain. Which means exchanges are likely adopting an additional ~100,000 users per day right now.”
Willy Woo extracted Bitcoin’s on-chain data from Glassnode while the exchange users’ ratio was obtained from The Cambridge Centre for Alternative Finance (CCAF). Bitcoin has been the best performing asset of the last decade, and it is not surprising that more people are trading or investing in it.
Institutional investors were reluctant to invest in Bitcoin for various reasons. However, more companies are now open to the idea of holding some of their liquid cash in Bitcoin.