Bitcoin has shown an increase in metrics that indicate a positive view of adoption and potential new users. Both active and new addresses have been growing since 2017, especially.
Adoption, Bitcoin addresses keep growing, activity shows peak
BTC expanded its ownership after entering the most active bull market in December 2017, creating a total of 124 million addresses. Decentralized’s analysis shows that even during the bear market, which is quite moderate in 2019, the growth of addresses continued, with more than 300,000 new addresses per day.
The past decade has also shown that “hopping” is not just an emoji package, but actually one of the most prominent models of BTC ownership.
“In terms of scale, the number of people holding more than 0 Bitcoin in January 2011 was only 70,000. Today, this number has exceeded 28 million, a 400-fold increase in ten years.”
Of course, during that time, more than 18 million BTC were minted, making it more accessible to readers. However, factors such as the increase in the number of exchanges and the increase in retail sales have driven the growth of Bitcoin addresses.
Not all bitcoin addresses have been mapped out, and growth may be due to the smaller physical pool. In addition, there are no restrictions on creating new Bitcoin addresses, and tokens can be moved and wallets switched to avoid easy identification. Address growth has also experienced anomalies due to dust attacks or other splitting methods, and then recombining BTC. But overall, after BTC became mainstream in 2017, both small wallets and “whale” wallets have grown significantly.
Number of transactions and value transfers remain close to peak levels
Bitcoin’s on-chain activity has also increased significantly. Starting with hundreds of transactions per day in 2011, BTC now easily handles more than 300,000 transactions per day. It has peaked in December this year, and activity is currently slowing down.
Although the BTC network is still slower and has fewer transactions compared to altcoins, it also has powerful capabilities for large-scale value transfer. The peak shift occurred in early 2018, when BTC prices were nearing their peak. Although the fees are still valid, they have gradually increased, totaling more than $ 1 billion.
But the biggest growth has occurred in the mining ecosystem, which has been expanded several times with the advent of a new generation of ASIC rigs. Now, with large-capacity machines and established links to hydropower in China, Russia and the United States, new expansions are possible.
What do you think of Bitcoin’s latest indicator of address growth? Share your thoughts in the review section below
The picture is from Shutterstock, and Decentralized posts first appeared on Bitcoinist.com.
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0X Simplified Chinese Version: Since 2017, the average new Bitcoin address is 124 million