1 million active BTC addresses are now used every day
2 min readAccording to analyst firm Glassnode, for the first time since January 2018, Bitcoin has averaged more than 1 million active BTC addresses per day.
The metric counts the number of unique addresses that were active on the network as a sender or recipient. According to Glassnode, only addresses that were active during successful transactions are counted.
1 million active BTC addresses per day – a new adoption cycle?
The average daily value of 1 million active BTC addresses was last seen in the months following the epic rise in Bitcoin prices to $ 20,000 at the end of 2017. The largest cryptocurrency by market capitalization was then mostly depreciated by mainstream media, but seems to have triggered a return.
The increase in addresses coincided with the increase in Bitcoin prices in the last two weeks. The graph from Glassnode shows that these two metrics have been largely correlated since 2018, but also before that year.
The metric indicates growing public sentiment in the crypto market, especially as investors seek to hedge against high inflation by investing in alternative assets such as Bitcoins and gold.
The number of wallets is constantly growing. Lucas Nuzzi, co-founder of crypto analytics firm DAR Crypto, noted on Twitter that the number of addresses with 10 or more US dollars in Bitcoins reached a historic high of 16.6 million addresses. The same is true for Ethereum, where 6 million addresses hold $ 10 or more in ETH. He said there were “millions more addresses than what was seen during the 2017 bubble.”
A new adoption cycle is brewing
Bitcoin whales are losing market share
Glassnode, meanwhile, has noted that the number of larger whales – with reference to any address holding tens of millions of dollars in Bitcoins – has been steadily declining over the past few years.
Metrics show that despite many different obituaries in the mainstream media, Bitcoin is still alive and seems to be in full force. Or is it another bubble? If so, how much can it inflate before it bursts.
What do you think? Is a new adoption cycle coming?
