Active Bitcoin addresses are the wallets and addresses that the bitcoins move to and from.
The number of these active Bitcoin addresses has increased by more than 105% this year.
According to “Coin Metrics” data and in the latest network status report released yesterday, the number of active addresses this year doubled to 1.2 million.
What does this mean ?
Active bitcoin addresses are an important indicator that the market is healthy and more active, which also means that more people are using the cryptocurrency or at least buying it.
Coin Metrics attributed the success of Bitcoin this year to the entry of institutional investors who are flooding the market day after day, with early entries into Square, MicroStrategy and Paypal.
And from what was stated in the report:
Shortly after institutional investors took off, the bitcoin price began to rise
In a rapidly changing world, Bitcoin is increasingly being adopted as a hedge against inflation and is becoming seen as a form of digital gold.
Coin Metrics also indicated that more than $ 300 billion has been added to Bitcoin's market capitalization this year.
The number of addresses with at least 0.01 BTC has grown by more than 700,000