Bitcoin wallet addresses, a unique identifier for every bitcoin user’s account, is on the verge of reaching one million. A new milestone in Bitcoin history; and an example of why people should keep using it.
The “how many addresses does a wallet have” is a question that has been asked a lot lately. The bitcoin wallet address created in November inches toward 1 million.
Is it possible that retail investors are returning to Bitcoin (BTC)? Glassnode statistics shows that 913,000 new BTC addresses were created from November to the beginning of December this year, indicating a bullish 2022.
On-chain analyst On-Chain College released informative statistics on retail adoption and the possible beginnings of larger adoption patterns, which was a windfall for BTC. The most important lesson to end the year is that in November, up to one million new users joined the Bitcoin network.
Despite the short-term negative price movement, the Twitter deluge suggests that BTC’s macro view is still positive. According to the graph, the number of wallet addresses having a balance higher than zero increased from 30 million to just shy of 40 million between June 2020 and December 2021.
The non-zero balance statistic is defined by Glassnode as the number of unique addresses that contain a positive (non-zero) quantity of currency. When the number rises, more people join the Bitcoin network.
Users are emptying their wallets to zero when it goes down, as seen by the orange line on the graph from May to July this year. As a result, the decline of wallet addresses is a bearish price action indication.
Bitcoin’s market share has dropped below 40%.
“Was this merely an anomaly spurred by euphoria after just attaining an ATH?” it begs the question in light of November’s new arrivals. Was that the start of something bigger?”
It’s encouraging to think that thanksgiving, holiday parties, and Omicron worries in November and December will provide additional opportunity for prospective investors to learn about Bitcoin and maybe invest.
The allegation is supported by data from December, which shows that balance fluctuations for wallets holding 1 BTC or less — which often indicate small-scale investors — hit their highest level since March 2020.
However, there is a word of warning about the future of retail. William Clemente, a regular writer to Cointelegraph and a BTC analyst, tweeted a set of graphs with the statement “retail interest in Bitcoin has pretty well vanished since the Spring.”
More retail proof is necessary. While it was widely reported in October that institutions are preferring to purchase Bitcoin over gold, Google Trends search data for “Bitcoin” is just a fourth of what it was in December 2017. Clearly, retail hysteria is still a long way off.
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The “how many addresses own 2 bitcoin” is a question that has been asked for years. In November, the number of Bitcoin wallet addresses created reached an all-time high.
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