1. BITBILIHome
  2. Article

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

• 161 views

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.

文章来源于互联网:Bitcoin adoption soars as non-zero wallet addresses hit new record high

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月31日 00:38
Next 2023年7月31日 03:31

Related articles

  • Breaking: 20 countries now vying for BRICS membership

    TL;DR Breakdown The economic bloc known as BRICS has received membership applications from 20 countries, indicating its growing influence on the global stage. The upcoming BRICS Summit will discuss these applications, potentially shaping the bloc’s future expansion strategy. Rather than a leader-follower dynamic, BRICS operates based on a mutually agreed upon and constructive agenda set by its member states. BRICS, the economic bloc comprising Brazil, Russia, India, China, and South Africa, has sparked international interest, becoming a central player on the world stage. Ahead of the upcoming BRICS Summit, a significant development has come to the fore: nearly two dozen nations have expressed their keen interest in joining this influential alliance. This unprecedented surge in membership requests underscores the alliance’s increasing prominence and hints at a shifting economic landscape. Russian Deputy Foreign Minister Sergey Ryabkov confirmed the reports, noting an uptick in the number of states wishing to be part of this burgeoning association. The BRICS alliance has gained traction for its efforts to destabilize the unipolar order of world politics and their initiatives towards de-dollarization, and it appears that…

    Article 2023年6月18日

  • Lawmaker asks SEC to refocus crypto efforts

    TL;DR Breakdown In a letter addressed to SEC Chair Gary Gensler, U.S. Representative Ritchie Torres expressed his anticipation to see how the agency intends to “reassess its regulatory assault on crypto assets” in light of the court’s ruling. Torres, who is also a member of the Congressional Blockchain Caucus, acknowledged the potential implications of the decision on future legal cases, emphasizing the need for the agency to adhere to a consistent legal approach. Representative Ritchie Torres did not set a specific deadline for the SEC’s response to his letter, leaving the agency with the responsibility of considering and addressing his concerns in due course. Description U.S. Representative Ritchie Torres from New York has called on the Securities and Exchange Commission (SEC) to shift its focus towards targeting malicious actors in the cryptocurrency sector, following a recent split decision in the ongoing legal battle between Ripple Labs and the regulator. In a letter addressed to SEC Chair Gary Gensler on Tuesday, … Read more U.S. Representative Ritchie Torres from New York has called on the Securities and Exchange Commission (SEC) to…

    Article 2023年7月19日

  • XRPL Labs and Xahau Ledger partner to boost XRP retail adoption

    TL;DR Breakdown XRPL Labs partners with Xahau Ledger to introduce a smart contract sidechain, aiming to bring the XRP Ledger closer to mainstream retail adoption. The crypto industry increasingly focuses on smart contracts and decentralized applications, making this partnership timely and significant. The Xahau network is expected to be operational by the end of the year, adding to the anticipation within the crypto community. Description In a significant development for the XRP Ledger ecosystem, XRPL Labs has joined forces with Xahau Ledger to introduce a smart contract sidechain. This partnership aims to expand the capabilities of the XRP Ledger and bring it closer to mainstream retail adoption. The announcement comes when the crypto industry increasingly focuses on smart contracts and … Read more In a significant development for the XRP Ledger ecosystem, XRPL Labs has joined forces with Xahau Ledger to introduce a smart contract sidechain. This partnership aims to expand the capabilities of the XRP Ledger and bring it closer to mainstream retail adoption. The announcement comes when the crypto industry increasingly focuses on smart contracts and decentralized applications….

    Article 2023年8月29日

  • Circle and NEAR Foundation team up to expand USDC stablecoin

    TL;DR Breakdown Circle’s partnership with the NEAR Foundation brings native USDC stablecoins to the NEAR blockchain. Before the partnership, NEAR had a bridged USDC variant with a significant risk. Blockchain developers can now utilize native USDC on NEAR for creating decentralized applications. Description The recent partnership between Circle, the issuer of the USDC stablecoin, and the NEAR Foundation offers a compelling snapshot of the rapidly evolving crypto landscape. By introducing native USDC stablecoins on the NEAR blockchain, this alliance effectively ushers in a new era of financial flexibility. This development expands USDC’s availability across thirteen blockchain ecosystems, fostering … Read more The recent partnership between Circle, the issuer of the USDC stablecoin, and the NEAR Foundation offers a compelling snapshot of the rapidly evolving crypto landscape. By introducing native USDC stablecoins on the NEAR blockchain, this alliance effectively ushers in a new era of financial flexibility. This development expands USDC’s availability across thirteen blockchain ecosystems, fostering greater liquidity and interoperability in the crypto economy. Initially, NEAR facilitated Ethereum users to connect to USDC through a bridge named “USDC.e.” However, this…

    Article 2023年9月16日

  • China reveals new strategies for economic growth

    TL;DR Breakdown China is implementing measures to stimulate economic growth, focusing on private investment and foreign financing. The NDRC is inviting private capital to national projects and key industrial chains. Changes in policy aim to improve business conditions, treating private companies the same as state-owned enterprises. Description In the face of emerging economic challenges, China has outlined a series of strategic initiatives aimed at invigorating its economic landscape. The series of measures, which target distinct sectors and promise a more appealing climate for private and foreign investors, are being implemented ahead of an imminent Politburo meeting assessing China’s economic performance in the … Read more In the face of emerging economic challenges, China has outlined a series of strategic initiatives aimed at invigorating its economic landscape. The series of measures, which target distinct sectors and promise a more appealing climate for private and foreign investors, are being implemented ahead of an imminent Politburo meeting assessing China’s economic performance in the first half of the year. Promotion of private investment in China One of China’s primary strategies is to foster private…

    Article 2023年7月25日
TOP