Bitcoin’s active addresses have registered a considerable surge, hitting a three-week high.

The heightened demand from increased network activity has resulted in the price of the world’s largest cryptocurrency reaching new heights, News BTC reports.

In regard to the rise in the number of active addresses, crypto intelligence portal Santiment said on Twitter: “May’s concerningly low #Bitcoin address activity is finally starting to rebound again. The increasing utility is necessary for #crypto assets to enjoy sustained rallies. Keep an eye on whether $BTC can head into June with 1M or more daily active addresses.”

Following a decline in activity, the latest findings show the number of active Bitcoin addresses has reached 960,000, a high not seen since May 3rd.

In line with the rise in active addresses, the price of Bitcoin has reached $28,032, according to CoinGecko, a 3.0% rise over the past 24 hours. This latest increase also translated into a 4.7% rise over the last week.

The soaring number of active addresses highlights Bitcoin’s mounting utility and adoption, the News BTC report adds, with the focus now on whether Bitcoin can exceed the breakthrough of 1 million daily active addresses.

In addition, Bitcoin whales – holding 10,000 or more BTC – have again stepped up their acquisition of the top crypto following a short-term accumulation slowdown, particularly over the past weekend.

The increase in accumulation by BTC whales indicates fresh confidence in the long-term potential of Bitcoin. 

Moreover, Bitcoin’s recent breakthrough over $28,000 was in line with an announcement a deal had been “reached in principle” over the US debt ceiling. “In the debt ceiling deal, the debt ceiling is rumoured to not be raised by a specific amount. Instead, the debt ceiling will run uncapped until January 1st, 2025. Many are underestimating how significant this is,” said market insights source, The Kobeissi Letter.

deVere boss Nigel Green recently commented that against the recent risk of a debt default, investors are looking to protect their wealth – and a new survey reveals that Bitcoin is now regarded as a more popular safe haven than the US Dollar, the Yen or the Swiss Franc.

“According to the Bloomberg MLIV Pulse survey between May 8-12, when asked ‘what will you be buying if the US hits the debt ceiling, 45.7% of retail investors said gold, 15.1% said Treasuries and 11.3% said Bitcoin. Only 10.2% said the Dollar, with 4.3% and 6.5% for the Yen and Swiss Franc, respectively,” Mr Green stated.

“As the global financial system is on a knife-edge, this survey underscores that Bitcoin is increasingly seen as a safe haven asset.”