Bitcoin Wallet Addresses At All Time High As Bitcoin Network Experiences Third Halving


On the eve of Bitcoin’s Third Halving, the number of Bitcoin addresses and wallets hit an all time high.

Notably, the number of Bitcoin addresses containing less than 1 BTC has more than doubled since the second halving in July 2016, with wallets containing less than 0.1 BTC showing the highest increase.

As revealed by Glassnode in a Tweet on May 11, the number of Bitcoin addresses have increased on the whole. Wallets holding less than 0.01 BTC now exceed 10 million, an increase of 235% from the Second to the Third Halving.

The second highest increase was in addresses holding between 0.01 BTC and 0.1 BTC which increased by 2014%. Perhaps worrisome for the market is the rise in whale accounts, or addresses that hold over 1000 BTC which marked a 13.2% increase. 

Bitcoin Going Mainstream

The rise in small wallet addresses is evidence of the growing mainstream interest in Bitcoin and it appears that more people have been preparing for the potential post-halving bullrun.

On April 17, Brian Armstrong, the CEO of US-based crypto exchange Coinbase revealed data showing how $1,200 deposits similar to the stimulus checks being offered to Americans by the government have skyrocketed since the cheques started being sent out. Coinbase is the leading crypto exchange on American soil.

The information presented suggests that some Americans are looking at the other side of the coin in their stimulus checks as they are not using them to purchase food and goods. Instead, they are keeping their fingers crossed and investing in Bitcoin. 

Bitcoin has also been becoming more popular with insitutional investors. Last night , the Bitcoin Price received a sudden bump above the $9000 mark when it was reported that billionaire hedge fund manager Paul Tudor Jones was looking to buy Bitcoin to hedge against inflation as central banks across the world are printing money to relieve economies affected by the coronavirus pandemic.

Jones is one of Wall Street’s most seasoned and successful hedge fund managers, CEO and founder of Tudor Investment Corp, a hedge fund that managed $8.4 billion assets under management as of March 30, based on data from the Securities and Exchange Commission.

Following the Third Halving, the Bitcoin Price has taken its traditional dip in price and now sits at $8739, at time of writing.

 

Image via Shutterstock

 





Source link

Back to top button