It was just last week that we saw a report by the Cointelegraph that the wallet addresses holding 1 (or more) bitcoins have reached ATH (all-time-high).
Indeed, the number of new wallets have been on the rise rapidly since 2017 and while it is possible that many wallets can be owned by one person, the increase is substantial, which points to an increase in the users as well. In fact, just yesterday (March 26) statistics show that New Address Count surged by 12% in just one day.
The report cites this tweet by blockchain analytics firm Glassnode, that the number of Bitcoin addresses holding one or more BTC has reached a new all-time high (ATH) on March 11.
In addition to that, in the course of the past year, the number of Bitcoin wallets holding one or more bitcoins added more than 60,000 addresses, according to public data by Glassnode. By steadily nearing the 800,000 threshold, the amount has more than doubled in the past five years.
As Bitcoin lost more than 20% of its price last week, dropping to 10-month lows below the 5k range, owning 1 bitcoin became somewhat easier. As such, some online users are excited to have finally accumulated a whole bitcoin, despite the falling markets on March 12. That day, can apparently be referred to as the second “Black Monday” event in the same week after the actual Monday when markets plummeted by -20% . The market turmoil broke just 59 days before the long-discussed Bitcoin halving, which was expected to be a trigger for Bitcoin’s moonpath to $100,000.
At the same time we are seeing a massive drop in the Bitcoin hashrate (more than 45% since its peak of this year), coupled with a drop in the difficulty rate (for mining).
In a tweet posted by Glassnode just as I’m writing this piece, we see that the mining difficulty rate for Bitcoin has just dropped by more than 15% which is the second-largest drop in its history as reported by the analysts.
This, in other words, means that the mining activity has been reduced significantly due to the recent loss of value of bitcoin, with many miners ceasing operations to avoid losses or opting for other coins that can bring higher margins. In most regions around the globe it costs roughly about $6.5-7k per bitcoin so while prices are trading below that figure miners are bound to make more losses than gains.
Another report, this time by CoinTracker points that the top 4 ranked cities by average crypto portfolio size are all in California’s San Francisco Bay Area: San Francisco sits at approximately $55 000 followed by Palo Alto with $39 000, Oakland with $35 000 and San Mateo with $30 600.
The findings also show the most significant concentration of crypto investors in the U.S. is in the cities of San Francisco and New York.
According to the Cointelegraph an estimated 79% of U.S. crypto wealth is held in Bitcoin or Ether
Bitcoin (BTC) investments comprise 50.3% of CoinTracker users’ crypto portfolios, followed by Ether (ETH) at 28.7%.
Tether (USDT) ranks third at4.1%, followed by Litecoin (LTC) at 3.3%, Ripple (XRP) at 3.1%, Chainlink (LINK) at1.9%, and Bitcoin Cash (BCH) and Tezos (XTZ) with 1.7% each.
The eight-most popular crypto assets comprise 94.8% of U.S. virtual currency holdings combined, with all other crypto assets representing less than 1% of total capital in the cryptocurrency markets each.
In line with these stats, I also noticed that more and more people are reaching out to me to guide them on how to get their hands on some Bitcoin and other crypto which is why you see me posting a lot of tutorials and reviews on various services that facilitate the purchase and storage of Bitcoin. If you have any specific questions, you can leave a comment here or reach out to me via social media (my links are in the right sidebar of this post).
12 thoughts on “Number of Wallets Holding 1+ Bitcoin Skyrocket amid Crypto Downfall”
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