BITCOIN BOOM: 7.3 MILLION NEW BTC ADDRESSES ADDED IN H1 2024

The cryptocurrency bull market of 2024 has reignited interest and investments in the world’s major digital assets, with both their prices and holding addresses rising significantly from the prices seen during the ‘crypto winter".

Finbold found that, in the first six months of 2024, the total number of addresses holding Bitcoin (BTC) worth more than $1 increased by 7.3 million - nearly 10% compared to the start of January.

Similarly, the number of Bitcoin millionaires saw a sharp rise from 96,736 just after New Year to 126,733 on June 11, 2024.

The growth in the number of addresses is, however slower than in 2023 and at the current rate, 2024 will add only 60% as many new addresses and only 85% as many new BTC millionaires.

 

FEWER ADDRESSES ADDED IN 2024 THAN IN 2023 DESPITE THE BILL MARKET

 

The relative stagnation in the price of Bitcoin since it reached a new all-time high (ATH) of $73,084 on March 13 might have somewhat dampened the enthusiasm, especially paired with the prices consistently staying above the previous ATH.

On the other hand, the approval of Bitcoin exchange-traded funds (ETFs) in the U.S. in January may have inverted the standard logic that there may be fewer actual users than addresses.

As pointed out by Andreja Stojanovic, a co-author of the research:

Simultaneously, the January approval of BTC ETFs in the U.S. may have inverted the logic and may also explain the relatively slow growth compared to 2023. Major financial institutions that operate the funds - such as BlackRock - may hold vast amounts of BTC associated with numerous investors in a single address.

Still, a strong BTC price move in either direction could likely lead to an explosion in the number of addresses, either by showcasing that the cryptocurrency has significantly more room to grow or by presenting an enticing buying opportunity.


13-06-2024

written by Matteo Castelnuovo

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