As Bitcoin continues to attempt to break its all time high price, we see another positive metric in the ecosystem: the number of wallets with a non-zero sum of Bitcoin deposited.
As of Dec. 12, the number of Bitcoin wallets containing a non-zero balance of Bitcoin reached its all time high of 32,925,521. This breaks the previous record of 32,925,198 addresses reached just the day earlier. This data was aggregated and charted by Glassnode, a monitor of on-chain metrics and exchange flows.
Addresses climbing across the entire space
This news of an all time high of non-zero held Bitcoin accounts is a very positive sign in the space. It shows that more users are creating wallets and actually depositing Bitcoin on them. This highlights that users are interacting with the network.
Glassnode also pointed out that the number of Bitcoin addresses holding at least 1 BTC also broke its all time high with 825,988 addresses. This new record occurred on Dec. 12, and Bitcoin broke its ATH for wallets with at least 1 BTC just a day earlier.
On top of these statistics, according to Chief Economist of Chainalysis, Philip Gradwell, Bitcoin wallets that hold over 1,000 Bitcoin (currently worth about $19 million) also increased by 17% in 2020, pointing to increased intention by retail and institutional investors.
Into the ether
These all time highs are not only being see across the Bitcoin ecosystem, but also in Ethereum. Glassnode indicates that the number of Ethereum addresses holding a non-zero amount has surpassed its all time high, totaling 50,476,989 wallets. Similarly to the trends following Bitcoin wallets, the previous all time high for non-zero Ethereum addresses was also the previous day, indicating new all time high are expect across both cryptocurrencies.
When viewing the charts referring to non-zero address in Bitcoin and Ethereum wallets, the graph indicates exponential growth. However, the graph detailing addresses with over 1 BTC seems to be following a linear growth pattern.
Increasing price and interest
This past year, we have a seen gradual growth across the entire cryptocurrency sector. Major cryptocurrencies such as Bitcoin and Ether are double, tripling, or more. There is a wide variety of factors leading to this growth. Global economic instability is a broad influence. More narrowly, there is interest in Bitcoin as a reserve asset/hedge against inflation, the launch of Ethereum 2.0, and much more.
All of these factors have led to an overall increase in market capitalization of the cryptocurrency sector, so it healthy to see the number of usable wallets increase as well. All of these signs point to a continuously growing and healthy ecosystem.
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