# The Surge in Active Bitcoin Wallets of 2023
With the sharp downward trend of the cryptocurrency market and Bitcoin (BTC) during the bear market of 2022 to a low point in November, the 30-day Simple Moving Average (SMA) remained relatively flat when it came to the number of active addresses on the BTC network. However, the trend of BTC turned around 180 degrees from the start of the new year and consequently, the number of active addresses skyrocketed.
## Active Bitcoin Wallets Surge in Number for 2023
According to an analyst in a CryptoQuant post, the number of active Bitcoin wallets is currently at its highest point in two years. The metric known as active addresses measures the total number of BTC addresses participating in transaction activities on the network on a daily basis.
- Advertisement -
This metric only includes unique addresses, meaning that addresses executing repeated transactions are only counted once. Additionally, the number of active wallets does not necessarily indicate how many daily blockchain users are on the network, since one person can use multiple wallets.
When the value of this metric is high, it means that many addresses are executing transfers on the network. On the other hand, low values indicate low network activity, which can indicate a lower interest in the crypto asset.
Recently, the 30-day SMA of the number of active addresses on the Bitcoin network has risen above levels observed in November 2021, when BTC reached its all-time high. This demonstrates that there is now significant demand for the cryptocurrency in the market.
### Positive for BTC Price?
During volatile events in the market, such as massive crashes or rallies, many users actively participate on the network. For example, during the dramatic collapse of FTX, the number of active addresses on the Bitcoin network significantly increased.
- Advertisement -
The analyst noted in the post that there were some concerns regarding this metric in February, as it did not show significant growth, historically, long price hikes require large amounts of daily traffic. Therefore, the recent uptick is a positive sign of what the price could have in store.