Bitcoin adoption is growing – the number of wallets has reached a record high

The number of Bitcoin addresses containing at least $10 recently reached an all-time high of 16.6 million.according to data from Coin Metrics. The previous record of 14.5 million was set in January 2018 at the height of cryptocurrency mania. The relative growth of the indicator was 14%.

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In other words, there are more addresses with small balances on the bitcoin blockchain now than when the cryptocurrency was trading around $ 20,000.

“A new distribution cycle is brewing. Now there are two million more such addresses than at the peak of the 2017 bubble ", writes Messari analyst Lucas Nuzzi.

It should be borne in mind that the growth in the number of addresses is notis always equivalent to increasing the user base, since one user can have multiple addresses, like one address to store the assets of multiple users.

In any case, the increase in the number of such addresses since the market crash in mid-March has been 27%. Over the same period, Bitcoin has grown by 200%, and compared to the levels of the beginning of the year - by 65%.

Skeptics claim that this metric, like othersstatistical information can be misinterpreted in support of the author's position without any real basis. Indeed, Google Trends data indicate that, despite Bitcoin's jump above $ 11,000 and a slight surge in interest, it is still incomparable to the 2017 highs and hasn't even come close to mid-year values ​​yet.

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At the time of this publication, Bitcoin made another upward movement and for the first time since the beginning of the week reached $ 11,850.

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