Bitcoin (BTC), the world’s largest digital currency by market capitalization, is continuing to establish itself as the most sought-after asset, with data suggesting that its adoption is ever-growing. A report from crypto analytics service provider, Glassnode, indicates that the total number of non-zero Bitcoin addresses has reached a new all-time high (ATH) of approximately 46.1 million.
The data shows that the more addresses that hold a certain amount of BTC, the higher the overall count. In fact, the total number of addresses launched could be even higher if those holding no BTC were also included. Glassnode points out that although the relative addition of new non-zero addresses has slowed throughout Bitcoin’s four Epochs, the absolute growth has continued to soar.
In the first epoch, there were roughly 1 million addresses on the Bitcoin network, with a 1.3 million percent growth rate. The second epoch saw 784% growth, with over 8 million addresses present on the network. During the third epoch, the growth rate was reduced to 233%; however, about 21 million addresses were added to the network. In the fourth epoch, growth was recorded at 54%, with 16 million addresses added.
One key factor attracting retail and institutional investors to Bitcoin is the digital currency’s price action. Compared to many top Wall Street investment assets and other stock markets, Bitcoin has exhibited greater resilience in its price performance this year. Amid inflationary concerns driving interest rate hikes, the cryptocurrency has proven a viable hedge against inflation, boasting a 72.64% growth in the year-to-date (YTD) period.
The forthcoming halving event is another driving force behind BTC adoption. Numerous experts are already anticipating a subsequent price increase following the event. Bitcoin’s supply remains fixed at 21 million, and as adoption grows, scarcity is gradually being introduced into the market.
The growing scarcity is expected to add further value to the digital currency, which may explain why MicroStrategy Inc. continues to accumulate Bitcoin. Nevertheless, it’s essential to remember that these predictions are subject to market conditions and the author’s personal opinion. Conduct thorough research before investing in cryptocurrencies and be aware that neither the author nor the publication holds any responsibility for any personal financial loss.
Source: Coingape
