Bitcoin (BTC), the largest digital currency in the world by market capitalization, is extending its lead as the most popular asset with data evidence of its growing adoption. According to data from crypto analytics service provider, Glassnode, the total of non-zero Bitcoin addresses have crossed to a new All-Time High (ATH) at approximately 46.1 million.
By these insights in this shared data, it means addresses holding a certain amount of BTC added to the count and effectively, the total launched addresses may be significantly more if those holding no BTC are added to the mix.
Glassnode highlighted that across the 4 different Bitcoin Epochs, the relative addition of new non-zero addresses slowed, however, the absolute growth soared to new heights.
In the first Epoch, the addresses on the Bitcoin network were approximately 1 million with a 1.3 million percent growth. The second epoch recorded a total of 784% growth with more than 8 million addresses present on the network. The growth rate reduced in the third epoch as address count soared 233% with about 21 million addresses added to the network. The fourth epoch recorded a growth of 54% with 16 million addresses added to the mix.
#Bitcoin adoption continues to soar as the number of Non-Zero Addresses reaches an ATH of ~46.1M.
When comparing for growth across Epochs, we note a decline in relative growth, but an increase in absolute growth as the number of Non-Zero Addresses continues to expand:
Epoch… pic.twitter.com/iXFw52Y5eD
— glassnode (@glassnode) May 6, 2023
Bitcoin Adoption: the Visible Attraction
In championing the adoption of Bitcoin, there are visible attractions that both retail and institutional investors are always banking on. One of these is the price action of the mega digital currency. Bitcoin has maintained a relatively more resilient price action thus far this year when compared to most of the top investment assets on Wall Street and other stock markets.
With inflationary fears that has largely fueled the interest rate hikes, Bitcoin has acted as a viable hedge against this inflation with a 72.64% growth in the Year-to-Date (YTD) period.
In deciding the factors boosting the adoption of BTC, the upcoming Halving event is a major consideration as many experts are already projecting a subsequent price upsurge following the event. Bitcoin’s supply is still pegged at 21 million and with the growing adoption, there is a gradual scarcity that is being introduced.
This scarcity is bound to fuel additional value addition, and accounts for why MicroStrategy Inc has continued to accumulate the cryptocurrency.
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