Bitcoin breaks through record with 40 million people holding the first cryptocurrency
According to data from IntoTheBlock, the Bitcoin network just celebrated another milestone of 40 million on-chain holders. The total number of addresses holding any amount of BTC just hit 40.2 million.
Despite the drop in the number of addresses in February, the number of Bitcoin addresses returned to the path of growing and set new highs since the beginning of the year. The increase in the number of addresses correlates with increasing demand and adoption rates for Bitcoin.
According to the chart provided, the growth rate of the number of wallets and addresses correlates with the price of the first cryptocurrency. The peak in the number of open addresses appeared after Bitcoin entered the ascending range.
Institutional adoption rises
While the peak of the institutional adoption pace was reached in 2021 and significantly dropped in 2022, companies like Goldman Sachs have increased their tempo of cryptocurrency and digital assets adoption by presenting new exposure methods for their clients.
Along with support from institutional investors, Bitcoin has faced increased support from major cryptocurrency investors. Previously, Terra Network announced that it will actively buy large amounts of BTC ($125 million per day) over the next three months.
The network’s desire to do so was confirmed by the history of the chain as the wallet owned by Terra is now valued at almost $1 billion and purchases around 3,000 BTC every day since March 20.
At press time, Bitcoin is trading at $44,900 and hitting the upper boundary of the ascending range, which it has been in for the past 60 days.
