Bitcoin has recently reached a new milestone and an all-time high for its addresses: there are currently more addresses with BTC in it than at any other time in Bitcoin’s history.
The growth of addresses is the most obvious metric for measuring network growth. If you go by this standard, Bitcoin’s basics are particularly strong. In fact, the leading cryptocurrency has even reached a new milestone recently.
New all-time high for bitcoin addresses reached
Bitcoin now has around 28.39 million addresses with more than 0 BTC. This exceeds the previous all-time high of January 2018, when the network reached 28,384 million active addresses. This was first reported by analyst Alex Thorn (@intangiblecoins).
As you can see, address growth in the Bitcoin network has been steadily increasing from 2009 to 2017. After a significant slump in 2018, the number of active addresses dropped to a large extent, as many have sold their bitcoins.
It was not until the end of 2018 that the number of Bitcoin addresses began to rise again and is now well on its way to continuing its upward trend until 2020.
The total number of users is difficult to determine
However, Thorn makes it clear that the total number of Bitcoin addresses does not apply to a similar number of people actively using the network. Since someone can have multiple addresses, which is quite common, this can not be used to estimate the number of people using the network.
Since most crypto users rely on exchanges to save their money, the total number of Bitcoin users may actually be higher. The Coinbase Cold Wallet alone holds over 966,230 BTC ($ 7 billion).
Since individuals have many addresses and exchanges manage the crypto assets, it is virtually impossible to make a precise statement about the total number of Bitcoin users. However, the sheer rise in Bitcoin addresses points to a positive trend.
Even without an accurate assessment of the network’s overall users, the above data alone suggests that Bitcoin’s fundamentals are actually getting stronger.