New Bitcoin Users Activity Spikes To New All-Time Highs, What Does It Mean?

The new Bitcoin users graph is a sight to behold. Even though Bitcoin’s price was horizontal for a while there, the network kept growing. And, with each new participant, the network expands infinitely. And, with that, the value of the network increases in the same magnitude. Such is the nature of the “network effect” phenomenon. That is what this chart by on-chain analyst Will Clemente shows: The number of new users coming on the Bitcoin network continues to reach new all time highs. pic.twitter.com/yttPlhJBPd — Will Clemente (@WClementeIII) August 4, 2021 As one of the hosts from the Alt-Coin Daily show said, “The traders control the short-term market.” However, if we’re talking long-term, this is one of the most bullish charts you’re going to see. And, luckily for us, Clemente himself explained the chart’s nuances on said YouTube show. Related Reading | TA: Bitcoin Regains Strength, Why Bulls Eye Strong Rally above $40K The Whales Are Distributing Their Coins According to Investopedia, the Gini coefficient is: The Gini index, or Gini coefficient, is a measure of the distribution of income across a population developed by the Italian statistician Corrado Gini in 1912. It is often used as a gauge of economic inequality, measuring income distribution or, less commonly, wealth distribution among a population. Bitcoin’s Gini coefficient is getting healthier and healthier. According to William Clemente, when you filter ...