Skip to main content

Non-zero BTC addresses hit all-time high of 40 million

The supply-side dynamics of the Bitcoin network continue to demonstrate strong adoption as there are now more addresses with a positive BTC balance than ever before.

On-chain statistics through February have suggested positive sentiment for Bitcoin as addresses with a non-zero balance of BTC reached an all-time high.

Additionally, those wallets with a positive BTC balance are increasingly hodling their coins. The amount of BTC circulating supply last moved between three and five years ago reached a four-year high of just over 2.8 million coins, according to data from on-chain analytics firm Glassnode.

The number of addresses with a non-zero balance was on a steep increase through 2019 and 2020 until the middle of 2021, when growth appeared to have plateaued at about 35 million addresses. However, growth in this metric has spiked since the beginning of 2022, leading to a new ATH of 40,276,163 according to Glassnode.

The sudden spike in BTC supply that was last active three to five years ago coincides with the peak of the last extended bull market at the beginning of 2018.

Among the addresses with a non-zero balance, Glassnode reported that 817,445 of them have at least one whole BTC, a 10-month high on Feb. 28.

Supply-side dynamics in Bitcoin have provided several metrics of note this past month. FSInsight reported on Feb. 9 that 75% of the BTC circulating supply was illiquid because it had not moved for an extended period of time. The financial research firm’s report described the situation as a “powder keg” that is ready to blow as soon as a moderate amount of BTC is bought on the market.

Related: Bitcoin fails to beat resistance as $40K stays out of reach into weekly close

Political turbulence in Canada and Ukraine in February has also shed more light on Bitcoin’s ability to remain censor-proof. Some Canadians have adopted Bitcoin to protect their funds from being frozen, while the Ukrainian government is now accepting BTC donations as tensions escalate in the region.

BTC is currently trading at $37,827, down around 45% from the Nov. 10, ATH of $69,000 according to CoinGecko.



from https://ift.tt/c70nQrD
https://ift.tt/FNkBC78
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

Institutional demand for crypto isn’t subsiding, but impact will be gradual

As another $2-trillion stimulus package looms in the U.S., institutions will continue to look at BTC as a hedge against inflation. For example, just last week, when the currency was hovering around the $30,000 threshold, a whole host of pundits was warning investors to brace for impact, suggesting that the premier crypto asset was on the verge of a correction and could once again dip to around the $20,000 region. However, in just one day, Bitcoin was once again playing with the bulls, retesting the $38,500 limit, only to witness a selloff and eventually settle around the $33,500 region. While for most crypto veterans that might have been another day at the office, others branded the upsurge as “Elon’s Candle,” which relates to Elon Musk, the CEO of Tesla, who included “Bitcoin” in his Twitter bio as well as sent out the following cryptic message “in retrospect, it was inevitable” to his 40 million-odd followers online. Regardless of the cause, has the recent price volatility sca...
Post a Comment
Read more