Daily chart (CoinDesk BPI)
Bitcoin (BTC) failed to plant a flag above $9,000 early on Tuesday, even as on-chain data suggests spiking investor interest in the top cryptocurrency by market value.
Prices rose to a high of $9,112 at 05:05 UTC, extending a recovery from Monday’s low of $8,528. At press time, the cryptocurrency had dropped back to near $8,850 on major exchanges, representing a 1.9% decline on the day, according to CoinDesk’s .
While the cryptocurrency found dip demand on Monday, the seven-day average of the number of unique addresses active on the network, as sender or receiver, rose to 932,274 – the highest level since June 29, 2019, according to the data provided by blockchain intelligence firm .
The non-price metric has risen by nearly 40% from lows observed in March and likely represents an influx of bitcoin investors, according to analysts.
“There is more media [attention] around the halving, which is causing more account openings; we’re seeing that on the retail side too,” Chris Thomas, head of digital assets at Swissquote Bank, told CoinDesk.
Bitcoin is set to undergo its third mining reward next Tuesday, following which the rewards per block mined will drop to 6.25 BTC from the current 12.5 BTC. The impending supply cut as a long-term bullish development by many analysts.