Number of Bitcoin Addresses springs up to 28.39 Million

Number of Bitcoin Addresses springs up to 28.39 Million

Bitcoin
December 12, 2019 by cryptogavel
62
The number of bitcoin addresses that contain BTC has sprung up to a high number of 28.39 million,first in history, even above the late 2018 record. Alex Thorn, a powerful Cryptocurrency investor was the first to spot the trend, and stated that this may be a good measure to assess how many users bitcoin actually
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The number of bitcoin addresses that contain BTC has sprung up to a high number of 28.39 million,first in history, even above the late 2018 record.

Alex Thorn, a powerful Cryptocurrency investor was the first to spot the trend, and stated that this may be a good measure to assess how many users bitcoin actually has.
Making Use of data provided by blockchain analytics firm Coinmetrics, investor Alex Thorn saw the trend.
Thorn in response, said that calculating the total amount of bitcoin addresses with any balance “is one of the best proxies we have to approximate the total number of individual bitcoin users.”

In his Tweet, he stated “The total number of bitcoin addresses that hold any amount of BTC has hit an all-time high at 28.39M addresses, surpassing the previous ATH of 28.38M (achieved on 1/10/18). (Data via @coinmetrics Pro)”

through a careful perusal of the data, the number of bitcoin addresses had a relatively smooth upward shift for the first nine years of the cryptocurrency’s existence. It however fell in late 2017 after crypto prices started witnessing rapid decrease in value.

Inasmuch as bitcoin’s price isn’t even close to its all-time high, the number of addresses with any BTC balance in them is. Thus the present price is lower than its all-time high while the number of addresses at the moment is the highest so far.
Thorn however said that this might not be that accurate as one user can create many addresses for security purposes, which inflates the numbers. But as the same time, various users keep their funds on cryptocurrency exchanges, which aggregate them on single, large addresses in cold storage.

Note that a Bitcoin address otherwise simply called address, is an identifier of about 26-35 alphanumeric characters, starting with the number 1 , 3 or bc1 that represents a possible destination for a bitcoin payment.

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