Bitcoin hits a new record in the number of wallet addresses

on Oct 28, 2020
  • Bitcoin is currently seeing a new record in the number of retail wallets holding BTC — 31 million of them.
  • Wallets holding $10, $100, or $1000 are all seeing ATH, while there are over 20k wallets holding over $1m.
  • Bitcoin's new price surge, it appears that retailers and BTC millionaires are buying, rather than selling.

Bitcoin (BTC) has seen a rather impressive price performance in 2020. First, it recovered from a large price crash caused by the COVID-19 fears in March, and then it surged even further up than that. With the recent news of PayPal planning to add it and several other coins to its platform in months to come, BTC attracted a new wave of users, which led to a whole new record in the number of active wallet addresses.

The number of BTC wallets holding coins hits a new ATH

According to recent data shared by Glassnode, retail wallets containing $10, $100, or $1,000 in BTC is higher than ever. The coin currently has over 31 million addresses containing BTC.

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Addresses containing all three amounts are currently at its ATH, according to Glassnode’s CTO, Rafael Schultze-Kraft.

The new development also marks a completely new milestone when it comes to the decentralization in crypto ownership. While large amounts of coins used to be owned by fewer people, this has now changed, and more people are owning smaller amounts, leading to greater decentralization.

Everyone is buying BTC

Earlier this year, it was reported multiple times that institutions are developing a massive interest in BTC, using Grayscale and other firms to accumulate large amounts of coin. Now, with the BTC price surging again, retail investors seem to be back in action, as well, and they are buying massive amounts.

It is also worth noting that Bitcoin millionaires are not holding back, either. There are currently around 20,000 wallets that own more than $1 million in BTC, which is the highest number of wallets with that much money since January 2018.

A well-known analyst, Willy Woo, recently predicted that the macro market is unlikely to see catastrophic dumps in price anytime soon, and so far, this prediction held true. Woo believes that millionaires will not sell their coins, and judging by their behavior — as well as Bitcoin’s — it might be that the long-awaited BTC rally is finally on its way.

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