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Crypto Research Specialist Discovers Over 730,000 Bitcoin Wallet Addresses Hold Over 1 BTC
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PocketBitcoin is reaching some records this week for the first time in months, and there is plenty of enthusiasts that are taking note and storing up. Now, recent statistics reported by EWN show that there are many people trying to get Bitcoin in their wallets before the price rises from the influx.
Kevin Rooke posted to Twitter, stating that there are now 732,932 Bitcoin wallet addresses that hold at least 1 BTC. He jested that the “Bitcoin virus” is catching.
The Bitcoin virus continues to spread.
732,982 Bitcoin addresses now own more than 1 BTC.
— Kevin Rooke (@kerooke) May 16, 2019
The last time that Bitcoin addresses were reporting such impressive highs in held in these wallets were back in 2017. In November 2017, for example, there were about 850,000 active Bitcoin addresses, which rose to above 950,000 active Bitcoin addresses by the beginning of 2018. In May 2018, the active addresses surpassed one million.
Prices started dropping last year, showing some unfortunate values. Still, as Ran NeuNer pointed out, the prices did not keep users from getting into the market.
Since September alone, NeuNer pointed out that there are two million wallets, and there are many institutional investors that have contributed to that. He also warned the public, “Don’t let the prices distract you.”
The drop in prices hasn’t deterred new users from entering the market. 2m new BTC wallets since September, many of the institutional. Don’t let the prices distract you. pic.twitter.com/6lVRJoEgM6
— Ran NeuNer (@cryptomanran) December 10, 2018
A crypto investor named CryptosBatman on Twitter added that, despite losing 80% of the value it once held, the unique wallet addresses have increased.
In a year where Bitcoin has lost 80 % of its value, the adoption measured by unique wallet addresses has increased by an impressive 50 %, from 20,705,220 last year to 31,142,207 wallet addresses today.#Bitcoin #Crypto #blockchain $BTC
— CryptosBatman ⚡ (@CryptosBatman) December 10, 2018
The fact that so many of these wallets are owned by institutions and ramps is a great sign for the crypto industry. Reports from BitInfoCharts show that the following cryptocurrency exchanges hold a significant portion of Bitcoin:
- Bittrex (121,805 BTC)
- Huobi (108,035 BTC)
- Binance (107,432 BTC)
- Bitstamp (102,848 BTC)
In the report from EWN, the article compares the growth of Bitcoin wallets to the way that the internet grew in popularity when it first launched on a public level. Chris McCann, an investor and founder of RelayNode, as well as a former employee of Greylock Partners, pointed this out, saying that the current state of the industry is much like the internet in 1994. His Medium blog elaborating on the comparison between the crypto market and the interview can be viewed here.
Even though 1994 seems like a long delay, Jesse Lund of IBM does not think there is anything to worry about. He stated that “good things take time,” and that the financial services industry is being completely disrupted slowly. He reiterated that the public needs to “give them time” and “focus on the current buying opportunity.”
Good things take time friends. This is about disrupting (reforming) financial services by the people, for the people… and bank charters aren’t as easy to get these days! Give them time; focus on the current buying opportunity, like most of the banks are quietly doing ;-) pic.twitter.com/POsKgneegw
— Jesse Lund (@jesselund) December 8, 2018
Even though the number of active addresses does not actually reflect the number of active Bitcoin users, there are some people that that think that the total people holding Bitcoin is lower than the total addresses.
Furthermore, considering that consumers can hold multiple Bitcoin addresses, there is a chance that more users may hold 1 BTC total amongst their wallets, instead of the 732,000+ being reported.
Presently, the price of Bitcoin is trading at $7,298.36, following a loss of 6.79% over the last 24 hours.
Bitcoin’s price is $53,278.28 BTC/USD exchange rate today. The real-time BTC market cap of $993.42 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $19.57 Billion and live coin value change of BTC 3.37 in the last 24 hours.
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