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Bitcoin adoption soars as non-zero wallet addresses hit new record high

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TL;DR Breakdown

  • Bitcoin wallet addresses with non-zero balances hit a record high of over 47.8 million.
  • Fear-driven Bitcoin discussions surged after U.S. rate hikes.

Description

The number of Bitcoin wallet addresses holding a non-zero balance has reached a new all-time high, according to data from crypto analytics firm Glassnode. However, the firm reported that the number of non-zero Bitcoin addresses has surged to 47,857,099. This figure represents a significant increase from the 44.06 million addresses reported earlier this year. The … Read more

The number of Bitcoin wallet addresses holding a non-zero balance has reached a new all-time high, according to data from crypto analytics firm Glassnode. However, the firm reported that the number of non-zero Bitcoin addresses has surged to 47,857,099. This figure represents a significant increase from the 44.06 million addresses reported earlier this year. The number of non-zero Bitcoin addresses is often used as a metric to measure Bitcoin adoption, and a higher number could indicate that more people are investing and holding onto Bitcoin.

Back in November last year, FTX, one of the largest cryptocurrency exchanges, collapsed and resulted in customers losing access to billions of funds. This caused a shift towards crypto self-custody, with investors rushing to get their Bitcoin off exchanges. 

As a result, there was a surge in address numbers at the time. However, when Bitcoin’s price fell to fresh 2022 lows due to concerns about contagion from FTX’s bankruptcy, many wallets got rid of all their Bitcoin, causing non-zero address numbers to drop quickly. With a roughly 40% surge in Bitcoin’s price since the start of the year, new investors have been enticed back into the market. This is due to optimism for a better macro backdrop in 2023 and increased on-chain and technical signs that the Bitcoin bear market is over. As a result, the non-zero wallet address count has reached a record high.

Fear-driven discussions surge as FOMC hikes rates

In addition to the increase in non-zero Bitcoin addresses, market intelligence firm Santiment has observed a significant surge in discussions revolving around Bitcoin compared to other top 100 assets. This spike in social dominance has been attributed to the U.S. Federal Open Market Committee (FOMC)’s decision to hike rates, causing Bitcoin to approach the $30k mark again. Analysts at Santiment interpret this surge in social dominance as a potential sign of fear among market participants. Again, they suggest that increased fear often correlates with a heightened likelihood of a price rise for Bitcoin.

Bitcoin’s price and adoption trends

Despite the recent fear-driven discussions and rate hikes, Bitcoin’s price has shown resilience. As of the time of reporting, Bitcoin trades at $29,302., with a slight 0.04% increase over the last seven days. However, the positive progression of non-zero Bitcoin addresses dating from 2010, as shown in Glassnode’s chart, indicates a growing adoption of Bitcoin. This trend, coupled with the potential for a price rise suggested by Santiment’s analysis, paints an optimistic picture of Bitcoin’s future.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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