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Bitcoin, the largest cryptocurrency by market capitalization, has achieved a groundbreaking milestone, but not in terms of price.
Bitcoin has set a new high in its total number of addresses with a balance.
According to on-chain analytics startup IntoTheBlock, there are now more than 50 million addresses that hold Bitcoin. This represents a significant milestone, which marks 17% growth since the start of the year.
The number of total Bitcoin addresses with a balance has seen a steady increase, reaching 50.21 million.
The total number of addresses with a balance suggests long-term interest in holding and investing in a given crypto asset.
Bitcoin has also seen a continuous increase in total addresses, which refer to all addresses that have ever been created and, at any point, owned a certain crypto asset, including those that still do. This currently stands at 1.25 billion for Bitcoin.
Bitcoin price action
The Bitcoin price has been on a tear, increasing by more than 16% to $44,529 on Dec. 5. This indicates that traders are rushing to buy Bitcoin as the price is expected to rise further. Short-term investors took a small profit, but Bitcoin stayed over $43,000.
At the time of writing, BTC was down 1.41% in the last 24 hours to $43,418.
According to crypto analyst Ali, the Bitcoin price sits on stable support at $42,700. This level is significant, as 642,000 wallets have bought 347,000 BTC here. Hence, if the $42,700 support breaks, all eyes will be on the $38,000 level as the next crucial area to watch.
On the other hand, should the bullish trend continue, Bitcoin might push toward the next major supply zone at $47,300, where 614,000 wallets hold 427,000 BTC.
Dan Burgin
Yuri Molchan
Denys Serhiichuk
