The number of new bitcoin addresses hit a two-year high following China’s launch of a targeted marketing campaign involving cryptocurrency.
According to a series of tweets published October 5, on-chain analyst Cole Garner provided data showing a sharp uptick in the number of new bitcoin addresses being created. Garner called the increase a “unique view on a new bull market catalyst,” referencing the influence of a Chinese marketing campaign.
According to Cole, an increase in bitcoin volume has historically preceded an increase in price. Cole says the number of bitcoin active addresses serves as a strong indicator for volume and cites a market update by popular crypto analyst Will Woo.
As outlined by Cole, the number of new bitcoin addresses surged from 5,000-10,000 per day to over 22,000 last week, reaching a 2-year high. Cole speculated the sharp increase was the result of a Chinese government marketing campaign targeting retail investors in cryptoassets.
The campaign included messages stating “cryptoassets are the best performing asset YTD” across newspapers and media outlets, providing substantial coverage for bitcoin within the country.
Cole highlighted the market dominance of China over bitcoin mining and says the country may be attempting to ignite a bull run in order to capitalize on the country’s “national treasure.”
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