Bitcoin (BTC) enthusiasts, it seems, are not ready to regret once BTC register new all-time highs. Statistics now reveals that most crypto enthusiasts are on a spree, accumulating before the unstoppable Bull Run kicks in.
“The Bitcoin virus continues to spread. 732,982 Bitcoin addresses now own more than 1 BTC,” noted Kevin Rooke on Twitter.
The Bitcoin virus continues to spread.
732,982 Bitcoin addresses now own more than 1 BTC.
— Kevin Rooke (@kerooke) May 16, 2019
A glance at a historical chart tracking Bitcoin’s active addresses indicates that active BTC addresses were on their all-time high towards the end of 2017. For example, on Nov 21, 2017, active Bitcoin address stood at roughly 850K with Jan 05, 2018 registering slightly above 950K active address.
However, in May last year, the number of daily active Bitcoin addresses crossed the 1 million mark.
In December 2018, as noted by Ran NeuNer, the host of CNBC Crypto Trader show and the founder of OnChain capital:
“The drop in prices hasn’t deterred new users from entering the market. 2M BTC wallets since September, many of them are institutional. Don’t let the prices distract you.”
CryptosBatman, a crypto investor, added:
“In a year (2018) where Bitcoin has lost 80 percent of its value, the adoption measured by unique wallet addresses has increased by an impressive 50 percent, from 20,705,220 last year to 31,142,2017 wallet addresses today.”
Most distinctively, most of these Bitcoin address belong to institutions and ramps like exchanges. For instance, in a previous Bitcoin blockchain analysis, crypto exchanges such as Bittrex, Huobi, Binance, and Bitstamp, held 121,805 BTC, 108,035 BTC, 107,432 BTC, and 102,848 BTC respectively.
Interestingly, the increase in the number of active Bitcoin addresses and their contents is almost identical to the growth of the internet in the early days. To quantify, an estimation of the growth of the internet between 1990 and 1995 shows a close resemblance to the growth of cryptocurrencies between 2013 and 2018.