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Despite price challenges and a drop in the network activity, the number of total Bitcoin (BTC) wallet addresses have reached an all-time high. IntoTheBlock’s on-chain data shows that around 40 million addresses are holding the flagship cryptocurrency as of March 14.
Record Number of Bitcoin Holders
There are signs that Bitcoin is experiencing more widespread adoption. As of March 14, the number of total bitcoin wallets amounts to close to 40 million addresses, according to a report by IntoTheBlock. https://twitter.com/intotheblock/status/1503336358059950088 In fact, since the beginning of the year, over 888,000 new addresses have joined the Bitcoin network, giving it an average of 39.79 million addresses. However, there is still a considerable gap for those who hold between 1,000 and 10,000 BTC. For instance, wallets holding around 1,000 BTC have been making significant purchases since October 2020, while the large whales have been selling their holdings as opposed to acquiring and holding, which could make it difficult for the market to sustain an upward trend in the long run. At the time of writing, Bitcoin (BTC) was trading at $38,795 down by 0.8 % from the past 24 hours, according to data from CoinGecko.