Key Takeaways
- Bitcoin continues to grow in adoption
- Bitcoin active address increases by 30% since July
- The latest trend is linked to recent institutional adoption
This latest trend was highlighted in a report published by data analytics firm Glassnode. According to the report, the number of active BTC addresses had surged in July by 30%.
This represents a resurgence following the bearish dip that has engulfed the crypto market in recent months. The extended bullish run from late 2020 had resulted in record activity on the bitcoin network with more than 400,000 active wallet addresses in January.
This number dipped by almost 50% (245,000) at the beginning of July, following the drop in BTC price from $60,000 to $28,000. However, the market sentiments appear to be moving towards a bullish trend.
Glassnode notes that active bitcoin addresses increased in July from 245,000 to 325,000. This corresponds to similar levels experienced last year when Bitcoin was trading below $12,000.
This data from Glassnode further collaborates information released by blockchain analysis firm Santiment. Santiment revealed on Monday that there more BTC holders were accumulating the digital asset.
The report noted that the amount of bitcoin stored in the addresses of whales holding 100-10,000 BTC has increased. It is understood that the recent increase in Bitcoin activity can be linked to the latest developments among institutions.
Billionaire and Dogecoin enthusiast Elon Musk had revealed on July 22 that his company SpaceX owns some bitcoins. He also noted that Tesla could resume accepting BTC for vehicle purchases. JPMorgan is also thought to be contemplating adding bitcoin services for institutional clients.
Do you think the surge in Bitcoin addresses is a decent addition to the crypto world?
