Bitcoin Network Adds New Addresses at Two-Month High

Despite the recent market downturn, the number of new addresses on the Bitcoin network has reached a two-month high, according to data, with the 7-day moving average (7DMA) recording more than 317,000 new addresses on July 5, compared to 263,000 new addresses added to the 7DMA at the beginning of the previous week, marking a significant 20 percent week-over-week increase. Meanwhile, the seven-day moving average of bitcoin's average transaction fee fell to a low of $1.75. Analysts say the discrepancy highlights an interesting dynamic within the Bitcoin network, which is that while new players are coming on board, it doesn't necessarily mean higher transaction fees or increased activity on the chain at this point.