Bitcoin’s one million holders milestone signals renewed optimism in the market, attracting investors despite the past bearish trend.
A seemingly unimportant piece of news—that there are now more than a million Bitcoin holders—is actually tremendously exciting for the cryptocurrency. This is good news for the sector since it shows that, despite the prolonged bear market, investors should start investing again right once.
For the first time, Bitcoin has one million holders: this is wonderful news for BTC
In 2023, Bitcoin, the biggest and most costly cryptocurrency in the world, showed a tremendous rebound.
Because of resurgent institutional interest, the price of bitcoin surpassed $31,300 in June, setting a new 12-month high.
It saw some adjustments near the end of the month, but it still managed to increase by an incredible 85% in the first half of the year, moving it up to third place among cryptocurrencies during that time.
The number of investors in BTC has been continuously rising along with this increase in value.
The findings demonstrate an important development in the adoption of cryptocurrencies. For the first time, there were more than a million distinct addresses each holding more than one Bitcoin. This significant accomplishment demonstrates how institutional and individual investors alike are becoming more interested in and confident in Bitcoin’s potential.
A cryptocurrency analytics company called Glassnode offers data on the rising demand for Bitcoin as an investment choice. There were around 3.67 million distinct addresses holding 0.1 BTC as of July last year.
This number has since grown by 20%, reaching an all-time high of 4.41 million. Additionally, the total number of wallets containing at least one Bitcoin, worth at around $30,300 in the last week, increased by 133,000 investors or 15% year over year to reach 1.09 million as of July 15.
Glassnode data reveal that 156,600 investors held more than 10 BTC in their wallets over the one BTC barrier, an increase of 5% from the same month a year ago.
Additionally, 111 people, or 14% more than the previous year, are cryptocurrency investors who have the mind-boggling 10,000 BTC in their wallets. But the number of distinct addresses holding 1,000 BTC fell, falling to 2,015 in July, an 8% year-over-year loss.
The number of active addresses is rising as well as Bitcoin investors
The results show that there are now more active Bitcoin addresses in addition to an increase in investors.
Since July 2022, 2.18 million new addresses have been added, representing a 15% growth in the number of active addresses that send or receive BTC on any given day. The network had 17.6 million active addresses in the previous month, which shows that the Bitcoin ecosystem is becoming more active.
Despite legal restrictions in the US, the total number of non-zero Bitcoin addresses reached an all-time high.
There were 42.2 million addresses with non-zero balances in July of the prior year. Since last year, 5.1 million more addresses have been added, bringing the total to almost 47.3 million.
These figures demonstrate how institutions and private investors alike continue to recognize Bitcoin as a respectable investment alternative.
The increase of investors holding sizeable quantities of BTC demonstrates their rising belief in the long-term growth potential of the cryptocurrency.
Although there have been obstacles on the way to widespread adoption and regulatory certainty, Bitcoin’s resiliency and good performance in 2023 show that it continues to enthrall the financial world.
The number of Bitcoin investors will keep increasing as the crypto industry develops, and in the years to ahead, the function of cryptocurrencies in the world economy will surely be a hot topic of interest.