Bitcoin (BTC), the most prominent cryptocurrency, has been gaining attention in the crypto community by reaching a new all-time high (ATH). According to reports from Glassnode, a crypto analytics provider, the overall non-zero addresses have reached an ATH of approximately 46.1 million. Currently, the market price of Bitcoin is $28,762.12, with a trading volume of $16,305,417,279, as per the analysis of CoinMarketCap. This increase in the number of non-zero addresses indicates soaring adoption of Bitcoin.
Over the last week, Bitcoin’s price chart has been fluctuating between highs and lows of $27.1k to $29.9k. The growth in non-zero addresses and the value of Bitcoin could be a testimony of the wider acceptance and adoption of cryptocurrency in different sectors, such as finance and tech.
Glassnode has compared four different Epochs for growth in the number of non-zero addresses. These Epochs have shown a slight decline in relative growth but an increase in absolute growth due to the rising number of non-zero addresses. The four Epochs are as follows:
1. Epoch 1: One million addresses on the BTC network with 1.3M% growth
2. Epoch 2: More than eight million addresses with 784M% growth
3. Epoch 3: Twenty-one million addresses with 233% growth
4. Epoch 4: Sixteen million addresses with 54% growth to the BTC network
Each Epoch represents a bit of increase and decrease in the growth rates on the network. Over the last three years, nearly 200K non-zero addresses have been added with one or more BTC balances, totaling a current value of 981K addresses now.
Additionally, Bitcoin’s growth has reached 72.64% Year-to-Date (YTD) despite inflation fueling higher rate hikes. The 18th-week on-chain analysis of BTC revealed that short-term holders have a greater dominance of around 95% of total inflows as compared to the long-term holders. This suggests that more people are entering the cryptocurrency market intending to make quick profits rather than holding onto their assets for a longer period.
With the rising number of non-zero addresses and the soaring value of Bitcoin, there is a clear indication of the growing popularity of cryptocurrency, which could potentially reshape the future of finance and technology. However, it is also essential to consider the factors that could negatively impact the crypto market, such as regulatory restrictions and high volatility.
Cryptocurrencies, especially Bitcoin, have received increased attention from investors and the general public due to their potential benefits, including faster transaction speeds, lower transaction costs, and a decentralized nature. As a result, the growing number of non-zero addresses could be seen as a positive sign for the overall adoption and growth of the crypto market.
However, it is crucial to highlight that the crypto market is still nascent and faces several challenges, such as regulatory uncertainties and high volatility. These factors could affect the growth of non-zero addresses and the overall value of Bitcoin in the future. Therefore, while the current increase in non-zero addresses can be seen as a positive indicator for the crypto market, it is essential for investors and market participants to remain vigilant and consider potential risks before making any investment decisions.
In conclusion, the rising number of non-zero addresses signals increased adoption and interest in Bitcoin among investors and the general public. The growth in the absolute number of non-zero addresses and the value of Bitcoin could potentially revolutionize the financial and tech sectors. However, it is crucial to remain cautious and consider the potential risks associated with investing in cryptocurrencies due to factors such as regulatory restrictions and high volatility. As the crypto market continues to evolve and mature, it will be crucial to closely monitor developments and trends, such as the number of non-zero addresses, to understand the overall growth and trajectory of the market.
