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Breaking Bitcoin (BTC) Wallets Cross 48 Million for the First Time

2 mins
Updated by Ali M.
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In Brief

  • In a milestone moment for the world's leading cryptocurrency, the total number of Bitcoin wallet addresses has surged past 48 million, marking an all-time high.
  • The popularity of BRC-20 tokens among retail investors, and a flurry of Bitcoin ETF application from TradFi Unicorns have helped deepen BTC adoption in 2023
  • Amid volatile Bitcoin price action in recent weeks, this historic achievement underscores the growing adoption and widespread interest in Bitcoin as digital asset.
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On Sept 3, 2023, the number of wallets holding Bitcoin (BTC) reached a new all-time high of 48.24 million addresses. Amid volatile Bitcoin price action in recent weeks, this historic achievement underscores deepening global adoption. 

On Aug 30, Bitcoin (BTC) achieved another landmark feat. In a milestone moment for the world’s leading cryptocurrency, the number of Bitcoin wallet addresses surged past 48 million, marking an all-time high. 

Bitcoin Hits 48 Million Wallet Addresses

Bitcoin has hit another milestone in its rocky journey towards global mainstream adoption as a means of decentralized peer-to-peer payment and digital store of value.  

Data from the blockchain analytics platform IntoTheBlock shows that the Total Addresses holding BTC reached 48 million on Aug 30, 2023. This historic achievement underscores the growing adoption and widespread interest in BTC as a decentralized digital asset.

Bitcoin Wallet Addresses
Bitcoin (BTC) Hits 48 Millon Wallet Addresses | Total Addresses, Sept 2023. Source: IntoTheBlock

Generally, an uptick in on-chain wallet addresses reflects the expanding user base within the Bitcoin network. The chart above shows that users have created 5.61 million new Bitcoin wallet addresses in 2023.

Comparatively, only 3.62 million BTC wallet addresses were created in 2022. Notably, this means with 4 months still to go, Bitcoin has already surpassed last year’s user-acquisition rate by 55%.

The increasing number of Bitcoin wallet addresses aligns with the broader trend of Bitcoin’s growing popularity and acceptance of cryptocurrencies as both an alternative asset class and a medium of exchange. 

The Bitcoin ecosystem has scored many landmark wins in 2023. While BRC-20 tokens made lightweight NFTs available to retail investors, a flurry of Bitcoin Spot ETF applications, attracted the attention of TradFi unicorn investors.

As more institutional investors adopt Bitcoin, it spurs more retail participants to enter the fray, by creating new addresses.

Moreso, these developments underscore the resilience of the Bitcoin network, thriving despite market volatility and regulatory scrutiny. 

Top crypto platforms in the US | February 2024

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Ibrahim Ajibade
Ibrahim Ajibade Ademolawa is an experienced On-chain research analyst who began his career in Commercial Banking. He has worked with several Web3 startups and financial institutions —analyzing technical concepts and spectacular events that link the DeFi and TradFi worlds. He holds a Bachelors’ Degree in Economics and is currently pursuing an MSc. in Blockchain & Distributed Ledger Technologies.
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