Bitcoin’s Growing Popularity: A Deep Dive
February has wrapped up with some surprising on-chain statistics suggesting that Bitcoin (BTC) is alive and well, despite its recent price turbulence. The number of non-zero addresses has reached a staggering all-time high, signaling that more people are getting on the Bitcoin bandwagon.
Non-Zero Addresses Hit Record Highs
According to data from on-chain analytics firm Glassnode, the count of BTC addresses holding a balance has soared to 40,276,163. That’s right – folks are not just dabbling in Bitcoin anymore; they’re diving straight into the deep end. Previously, this number peaked at 40,275,801 back on February 5, 2022. Clearly, the trend has picked up since then.
Hodlers Gonna Hodl
For those wondering about the fate of wallets with a positive BTC balance, it appears that most have adopted the “hodl” mentality. In fact, we’ve seen a four-year peak in the BTC supply that last moved between three and five years ago, totaling a whopping 2.8 million BTC. If that doesn’t scream commitment, I’m not sure what does!
From Plateau to Peak
The number of addresses showing a non-zero balance has steadily increased since 2019 and 2020 but hit a plateau around mid-2021 at about 35 million. Fast forward to 2022, and we have seen a meteoric rise, giving us the impressive numbers we’re experiencing now. Talk about a second wind!
Bitcoin Supply Dynamics: The Silent Partner
Another interesting tidbit revealed by FSInsight earlier this month is that a whopping 75% of the circulating Bitcoin supply is considered ‘illiquid.’ This means that much of it hasn’t budged in ages—potentially a “powder keg” waiting for the right spark. So, when someone decides to buy a decent chunk, we may just see fireworks in the market.
Global Echoes of Bitcoin’s Appeal
Political unrest has a funny way of bringing Bitcoin back into the limelight. Recent events in Canada and Ukraine have highlighted Bitcoin’s unique resistance to censorship. Canadians are turning to BTC to outsmart fund freezes, while Ukraine is welcoming BTC donations amid rising tensions. It’s almost like Bitcoin has become the superhero we didn’t know we needed.
Current Market Status: The Rollercoaster Continues
Despite the positive sentiment cheered by these stats, BTC is currently trading at $37,827—down about 45% from its all-time high of $69,000, achieved on November 10. It’s like a bad haircut; it may look rough now, but it can grow back to something magnificent.
