Bitcoin Blasts Past $104K as 344K Wallets Suddenly Join the Network

TLDRBitcoin added over 344,000 new wallets on May 8, marking the highest single-day growth in 2025.The price of Bitcoin surged from under $94,000 to over $104,000 between May 6 and May 9.On-chain activity increased as new addresses rose 8.13% and active addresses grew 8.79% in a week.Over $343 million in derivatives positions were liquidated in 24 hours, with the majority coming from short positions.Bitcoin’s market capitalization reached $2.040 trillion, briefly surpassing Amazon in global asset rankings.Bitcoin (BTC) price surged sharply between May 6 and May 9, 2025, crossing $104,000 after consolidating earlier this month. Bitcoin added over 344,000 new wallets daily during this period, indicating increased retail activity. Market data confirms that on-chain growth and derivatives activity fueled this breakout.Bitcoin Hits $104K Amid Wallet BoomBitcoin registered 344,620 new wallets on May 8, the highest daily growth for 2025 so far. This figure surpassed April’s previous peak, reflecting increased user activity during price acceleration. Wallet creation began rising steadily on May 4 as Bitcoin rebounded from the sub-$94,000 range.Before the current price recovery started, daily wallet creation numbers dropped below 272,000. Since then, metrics have continued rising, marking sustained interest in the asset. The latest surge aligned directly with Bitcoin’s move through the $103,000 threshold.New wallets usually point to broader retail participation, especially during bullish momentum. BTC maintained its upward trajectory as inactive users began re-engaging with the network. This trend highlights a growing wave of new participants funding wallets amid the price climb.On-Chain Data Confirms Widening ActivityAccording to data from Santiment and other platforms, Bitcoin’s network showed clear signs of rising engagement across multiple metrics. New addresses increased by 8.13% over the past week, while active addresses jumped 8.79%. Additionally, zero balance addresses became active and surged by 11.35%. Bitcoin's network saw 344,620 new wallets be created on its network as FOMO poured in. Crypto's top market cap asset has silenced bears, reaching a high of $103.8K for the first time since January. pic.twitter.com/hai245lQJz— Santiment (@santimentfeed) May 9, 2025These figures indicate that Bitcoin’s recent growth has not been limited to price action alone. User activity on-chain has expanded, suggesting fresh capital entering the ecosystem. The rally created favorable conditions that drew inactive participants back into circulation.Bitcoin Daily Active Addresses | IntoTheBlockBitcoin’s network strength has historically correlated with broader market expansion during periods of price momentum. With new and reactivated users contributing, the growth pattern remains consistent. Such activity supports the argument for a durable retail-driven rally.Derivatives Market Faces Heavy Short LiquidationsBitcoin’s price rally triggered significant short liquidations across derivatives markets, reinforcing the strength of upward pressure. Over $343.99 million in positions were liquidated within 24 hours, with $320.96 million from short positions. Long positions accounted for $23.04 million in liquidations.Within 12 hours, $184.90 million of shorts were closed, signaling a classic short squeeze scenario. Traders betting against Bitcoin were forced to buy back, further amplifying the price move. This market reaction underlined the sudden and forceful price shift.As Bitcoin moved past $104,000, market cap comparisons revealed it surpassed Amazon, reaching $2.040 trillion.Bitcoin has overtaken Amazon’s market cap $BTC is now the 5th most valuable asset on the planet What’s next?#BTC #Bitcoin #Crypto pic.twitter.com/8KTJ7pEBkA— SoSoValue (@SoSoValueCrypto) May 9, 2025Bitcoin ranks fifth globally by asset value, following NVIDIA, Apple, Microsoft, and Gold.The post Bitcoin Blasts Past $104K as 344K Wallets Suddenly Join the Network appeared first on CoinCentral.