Bitcoin wallets, which are used for daily transactions, reached a two-year high. Their number exceeded one million.
According to research firm Glassnode, the bitcoin network currently has an average of over one million daily active addresses. This is the highest level of this indicator since January 2018. Then this was due to a sharp influx of new users and the rise in the bitcoin rate to $20,000 in December 2017.
Daily active wallets are unique addresses on the bitcoin network that were active as a sender or receiver. Only addresses that were active in successful transactions are counted.
Now the growth in the number of daily active addresses also coincided with the growth in the bitcoin rate over the past two weeks. This indicator demonstrated the growing interest in cryptocurrencies, especially against the background of the unstable economic and political situation in the world. Concerned about the outlook for the coronavirus and the U.S.-China trade war, investors are looking to hedge high inflation by investing in assets such as bitcoin and gold.
The number of wallets with a balance over $10 is also growing. Lucas Nuzzi, co-founder of crypto research firm DAR Crypto, noted that the number of such addresses reached a record high of 16.6 million. “Millions more addresses than there were at the peak of the bubble in 2017,” he tweeted.
Meanwhile, the number of “whale” investors with wallets that hold tens of millions of dollars in bitcoins has been steadily declining from month to month. Over five years, the share of whales with balances of more than 100,000 BTC in the total number of existing coins decreased from 62.9% to 49.8%.