Bitcoin addresses surge to 1 billion, despite market downturn

Temitope Akintade

Although the bitcoin network continues to undergo wild volatility into the year, it doesn’t stop the blockchain from recording increased activity.

According to data provided by crypto analytics platform, Glassnode yesterday, the total number of Bitcoin addresses ever created has surpassed the one billion mark for the first time, hitting 1,000,002,559. 

This development can be seen as a highlight of the general market sentiment regarding the flagship digital asset.

What you should know

Although the number of bitcoin addresses ever created is key to providing an outlook of the asset’s general adoption, it does not directly indicate the number of people who own the asset.

Total number of bitcoin address in history. Source: Glassnode

Many users receive and send transactions with more than two or three addresses. Which means the rise in the number of bitcoin addresses is driven by the need for users to handle each Bitcoin transaction on a new address, in a bid to maintain privacy.

Moreover, the number of bitcoin addresses holding the asset is always an insignificant percentage of the total number of all created addresses.

According to the latest data shared by IntoTheBlock on March 24, 2022, the number of addresses holding Bitcoin was 40.25 million, an all-time high since the cryptocurrency’s nascence. 

However, it is expected that with the addresses hitting the one billion mark, the bitcoin addresses holding any portion of the asset has also increased.

On the bright side, this increase is an indicator that more investors are getting more involved with the bitcoin network. Notably, the recent crypto market decline appeared to dim the interest of investors as the general market appeared to avoid risky assets. 

Also, buying the dip is a common strategy used by investors to cash in on the next rally of the flagship asset, Bitcoin is known to be relatively expensive and the price dip has potentially inspired investors to get involved in the network. 

Generally, the rise in the number of Bitcoin addresses could be interpreted as bullish sentiment for the market that has struggled to maintain the $20,000 mark recently.

Important data for crypto market to be released today 

The United States Consumer Price Index (CPI) data will be released by 1 pm WAT today, according to an announcement by Arcane Research. The data is expected to shape and influence the crypto market movement, at least in the next one month.

Recall that the most recent CPI data released in June became a catalyst for the latest sell-off on the cryptocurrency market that pushed the price of Bitcoin far below $20,000. 

Today, the entire financial industry will find out how financial regulators are going to act on the upcoming key rate meeting. And, it is expected that if the inflation data brings an unexpected “surprise,” both digital assets and stock markets are going to take yet another hit.

Current market outlook 

The global crypto market hasn’t been able to get rid of the bearish current. It has continued to affect Bitcoin, Ethereum, and others as the losses continue.

While there are only a few hours left before the CPI data release, Bitcoin, Ethereum and other cryptocurrencies are showing little positive performance on the market.

According to data from Coinmarketcap, Bitcoin has gained 0.50% over the last day. The price value for the flagship asset is $19,886 at press time. 

Second-largest cryptocurrency, Ethereum is also up 0.7% in the last 24 hours. The current price value is $1,075, although there are predictions that it might sink below $1,000.

The global crypto market has remained recessive and hasn’t shown any improvement. The market cap value is estimated to be $885.23 billion. It has struggled to reclaim the 1 trillion mark in the last one month.

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!