Bitcoin price surge in January led to a FOMO in the market, prompting 620K new small BTC addresses holding 0.1 BTC or less to pop up in the last month.
The recent spike in small Bitcoin addresses is the highest since Nov. 2022, a time when the BTC price dipped to its cycle low of around $16,000. The price decline prompted small traders to scoop up BTC at a lower price.
The current surge is attributed to a growing bullish sentiment in the market where apart from Bitcoin, a number of altcoins have also recorded multi-month highs, while the overall crypto market surged over 30%.Bitcoin continued its bullish momentum into February's first week as well, reaching a new five-month high above $24,000. However, the price couldn’t hold above the $24,000 resistance for long and eventually slumped below $23,000 earlier today.
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