Active addresses holding bitcoin rose to an all-time high as the digital coin gains more mainstream attention, according to a report.
- Data released by on-chain analytics site Glassnode showed the non-zero bitcoin addresses at an all-time high of 36,896,000 on Friday. This dropped to 36,770,000 on Sunday.
- Active addresses were recorded at 28 million at the peak of bitcoin’s last bull run, but dropped by nearly 7 million or 25% when prices fell to $6,000 from then highs of $19,000.
- While price levels continue to fluctuate, the number of active addresses has continued to grow steadily. Non-zero addresses even increased when bitcoin plummeted 50% on March 12, 2020.
- Historical data shows, however, that non-zero addresses were no longer a dependent variable in bitcoin’s price action since 2017. An increase in total addresses will not directly affect a rally.
- Data also shows that the number of crypto ATMs across the globe increased 750% since 2018. Fintech giants Square and Paypal have also started facilitating crypto payments with corporations such as Microsoft accepting bitcoin as payment.