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Lately, the number of accounts holding the flagship cryptocurrency was facing drops but now seen a spike that broke records
Recent data provided by the crypto market offering indicator platform IntoTheBlock, the flagship cryptocurrency Bitcoin network, has crossed another significant level of 40 million holders present on the chain. As per the data, now, a total of 40.2 million addresses hold any amount of BTC.
In February, there was a drop in the number of addresses holding the BTC; despite its performance last month, the number of Bitcoin addresses gained momentum again and returned to its growth path, setting new highs since the year started. The increasing number of bitcoin addresses correlates with growing demand as well as adoption rates of flagship cryptocurrency.
As per the chart provided by IntoTheBlock, the pace of growth in the number of addresses and wallets correlates with the price of Bitcoin. Recent growth in the number of bitcoin addresses was seen after the cryptocurrency started surging while entering the long-awaited ascending range.
Along with individual adoption, bitcoin has also seen remarkable growth in institutional adoption. However, the peak of the latter was high in 2021 and dropped significantly in 2022. That year prominent and well-known companies and banks announced their anticipation to join the crypto space. During a similar time, Goldman Sachs has increased the pace of adopting crypto and digital assets by presenting new exposure methods to crypto for their clients.
Apart from individual and institutional investors, the leading cryptocurrency also saw increasing support from general crypto investors. For instance, Terra network has announced that it’s going to frequently purchase BTC in large quantities, approximately worth $125 million, in the upcoming three months.
Terra network desires to have already confirmed as the wallet owned by blockchain network is valued at around $1 billion now. The same wallet has made purchases of almost 3000 bitcoins daily since 20 march.
Currently, BTC is trading at around $44,423, a 6.32% growth in the past seven days. The current price stats of the largest cryptocurrency by market cap is an indication that it is reaching the ascending range upper border, which it was for the past 60 days.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
