Statistics reveal that most crypto enthusiasts are on a Bitcoin buying spree. In total 732,982 Bitcoin addresses now own more than 1 BTC, showing the accumulation of the cryptocurrency hasn’t stopped.
A Twitter user, Kevin Rooke, revealed this week that 732,982 Bitcoin addresses now own more than 1 BTC. In a tweet, Rooke shows that the accumulation phase for Bitcoin is bigger than ever.
The tweet from Rooke:
The Bitcoin virus continues to spread.
732,982 Bitcoin addresses now own more than 1 BTC.
— Kevin Rooke (@kerooke) May 16, 2019
The graph shows that cryptocurrency enthusiast are accumulating before the speculated bull run starts. More historical data shows that the number of active BTC addresses have also been increasing, despite the bear market.
During the Bitcoin peak at the end of 2017, on Nov 21 for example, the number of active Bitcoin addresses reached the 850,000 mark. In May last year, however, the number of daily active Bitcoin addresses crossed the 1 million mark.
In December 2018, Ran Neuner, the host of CNBC Crypto Trader show and the founder of OnChain capital, said:
“The drop in prices hasn’t deterred new users from entering the market. 2M BTC wallets since September, many of them are institutional. Don’t let the prices distract you.”
If the number of active addresses keeps growing, this is a good indication of where the market is going. Adoption is not stopping and more and more people are coming into the market.