Bitcoin Growth ‘Unstoppable’ as Almost 6 Million Addresses Hold $180+

The seemingly-arbitrary figure of $180 currently represents around the value of one-billionth of all the Bitcoin that will ever be mined. The number of Bitcoin addresses now holding more than 1/1,000,000,000th of the total supply of 21 million is fast approaching six million. A post on Reddit describes the growth as “an unstoppable trend.” https://twitter.com/RedditBTC/status/1162044654654824449 The only other time that the number of Bitcoin wallets holding more than a billionth of the overall BTC supply was higher than it currently is was at the peak of the bull market of 2017. Naturally, as prices plummeted throughout 2018, wallets were emptied.

Strong and Steady

Much like the BTC price itself, the graph above shows that numbers of wallets storing more than the measured threshold grew dramatically in the later months of 2017. This suggests that the price increase was caused by large numbers of people (retail investors) rushing to buy Bitcoin, rather than fewer interests buying up huge quantities of the digital currency. The graph also shows that the growth in the numbers of wallets holding more than a billionth of the total supply is much steadier this time. The lack of parabolic mania surrounding the price increases experienced since the bear market appears to have bottomed seems to explain the more measured run-up.

Brian Kelly is Wrong

Interestingly, BeInCrypto published an article detailing CNBC analyst Brian Kelly’s concerns about a supposed lack of new Bitcoin addresses. In addressing a Bitcoin price call by investment bank Goldman Sachs, Kelly said that he liked the bullishness of the investment bank’s call $13,971 call but feared that there were problems with the underlying Bitcoin market. The primary concern for the TV analyst was that there doesn’t appear to be enough new wallets, which suggests that the money coming in is from existing holders. Supporting this theory is the fact that Google searches for phrases like “buy Bitcoin” are much lower than in the later stages of 2017 when the price soared past $10,000 for the first time. What do you think we can learn about the number of new wallets storing Bitcoin on the network? We’d love to hear your thoughts below. And if you’d like to trade BTC with a multiplier of up to 100x on an exchange with the lowest fees, check out StormGain!