The Bitcoin network surpasses the 1 million daily active wallet address

As the cryptocurrency market is plummeting, the number of cryptocurrency wallets holding one Bitcoin (BTC) or more continues to rise.

According to blockchain analysis company Glassnode, the number of Bitcoin wallets holding one or more BTC grew steadily and reached an all-time high (ATH) on March 11. On this day, the number of holders of one or more BTC reached ATH of 795,630 – surpassing the previous ATH of 795,300 addresses – which was established on March 10.

Since March 2019, the number of Bitcoin hold wallets of one or more BTC has increased by more than 60,000 addresses, according to public data by Glassnode. Over the past 5 years, this number has more than doubled to keep close to the 800,000 threshold.

Bitcoin addresses have balances above 1 BTC. Source: Glassnode
Bitcoin addresses have balances above 1 BTC. Source: Glassnode

Different floors show different dynamics

On March 10, Glassnode also reported that the number of Bitcoin wallets with balances, i.e. greater than zero, reached ATH over 29 million wallets. According to Glassnode data, along with the steady growth of Bitcoin wallet addresses containing one or more BTC, the number of users owning over 10 BTC is also continuing to increase. These figures clearly show the growing interest of retail investors in Bitcoin.

On the other hand, the number of hodl investors of 100 BTC or more has decreased over the past year. At the same time, the number of whales holding over 1,000 Bitcoin has stabilized and even increased over the past year, according to data from Glassnode.

Bitcoin lost over 40% of its value in a day

Bitcoin dropped more than 40% in value today, falling to its lowest level in 2020 at $ 4,000, which makes it easier to own 1 BTC. Therefore, some users are happy that they can finally own 1 BTC, even though the entire market fell sharply on March 13.

READ  Bitcoin price reached $ 15,000 in Lebanon amid the worsening cash crisis

However, amid growing concerns about the corona virus, which worsened after news of Trump's travel ban and oil prices, other users did not seem to expect anything better from Bitcoin. “Yes, just wait until the market cools down, you can soon buy 5 instead of 1,” a Redditer argues, showing that the bearish sentiment is relevant to the market.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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