Despite Weak Market Bitcoin Addresses Grow In Vast Numbers
Since 2022, the majority of Bitcoin addresses were seen disposing of off assets because Bitcoin’s value was consistently declining. However, not even the decline was good enough to jeopardize the growth in the past year.
Truth is that in 2022 there had been a substantial increase in the number of Bitcoin addresses that contain more than 10 units.
This phenomenal growth in Bitcoin addresses having more than 10 units in them was duly noted by Twitter alerts of Glassnode.
According to Glassnode Alerts, Bitcoin addresses comprising over 10 Bitcoins grew in record-breaking figures. The growth is commendable despite the fact that the Bitcoin market was suffering from continuous crashes and plunges.
Extraordinary Growth Noted in December 2022
While the growth in Bitcoin addresses continued throughout the year 2022 yet the last month of the year was the greatest.
Optimism with regard to Bitcoin seem rejuvenated in December as a large group of small investors started to acquire Bitcoins.
On 30th December alone a huge number of fresh Bitcoin addresses were created in which more than 10 Bitcoins were put.
Resultantly, two-year-high records of 155,283 addresses were subsequently reached on 30th December 2022.
Thereafter, from 30th December 2022 till 6th January 2022, the two-year high record was ultimately broken when Bitcoin addresses became 155,286.
4% Increase in Bitcoiners in December 2022
From the growth point of view, in the category of Bitcoin investors have acquired more than 10 Bitcoins, December 2022 was important. In December, there was over a 4% increase in the number of Bitcoiners in this league.
Most importantly, there were a couple of months more in 2022 which saw growth in this league at the same level of 4%.
Similarly, December also saw growth in Bitcoin addresses in which more than 1 and less than 10 Bitcoins had been acquired.
This particular category of Bitcoiners holding more than 1 and less than 10 is now comprised of 979,707 addresses. Prior to December 2022, these accounts were not more than 800,000 in total.
What Are The Possible Signs?
There is no doubt that growth in the number of addresses holding Bitcoins over 1 to 10 and 10 plus has a positive bearing on the asset.
This certainly indicates that investors’ confidence has been re-boosted in Bitcoin. Although, the confidence hasn’t been able to surge Bitcoin’s value for the time being but in the long run it may be helpful.
At least, the spirits of small and medium Bitcoin investors seem to be high in the times when they are needed the most.
On a side note, it may be noted that Bitcoin’s value has rebounded in the past week. Coinmarketcap noted that in the past seven days, the asset has gained over 1.39% gains and Bitcoin is now proceeding ahead in green.
Resultantly, losses in the asset also have been reduced to under 0.60%. This indicates that Bitcoin will stick tightly over the support level of $16,600 in the coming days.
At present, Bitcoin has been trading at $16,730 in the market. On the other hand, the asset’s trading volume has been edging down which was noted below $15 Billion a day earlier.
Most importantly, Bitcoin has been able to keep the bears at bay. This would also help the coin in accelerating recovery of its value soon.
As the largest cryptocurrency starts recording an uptrend, the situation will become more favorable for investors. They will add their contribution to the positive movement, allowing them to push BTC’s price higher.
The asset will be able to hit higher trading levels and regain its lost status in the global assets market. There was a time when BTC was considered on the same level as Gold.
However, the perception changed as the asset was not able to keep up with the market trends and soon, lost its attraction.