For The First Time Ever, the Number Of Bitcoin Addresses Has Surpassed 40 Million.

Bitcoin (BTC) is registering growth in the number of addresses owning the commodity, hitting the 40 million barrier for the first time in history, in addition to huge price gains and breaking past the $44,000 level.

According to a figure posted on March 25 by artificial intelligence crypto analytics firm IntoTheBlock, the number of addresses holding Bitcoin reached 40.25 million on March 24, an all-time high since the cryptocurrency’s introduction.

According to a tweet from the research platform, the number of Bitcoin addresses fell in February, only to rise again and reach new highs in March.

After 888,000 new addresses with a balance in BTC entered the network since the beginning of 2022, the average number of addresses holding Bitcoin hit 39.7 million, an all-time high.

It had been noted a week before the new incident that long-term Bitcoin investors were opting to consolidate their holdings rather than be swayed by cryptocurrency market volatility.

At the moment, the total amount of Bitcoin in the wallets of investors who had held it for more than a year was over 11.7 million BTC (about $518.46 billion at press time), indicating that the cryptocurrency has been on an upward trend since November 2021.

The vast volume of bitcoin departing exchanges reflects the recent rise in optimistic sentiment for the largest cryptocurrency by market capitalization.

Around 61,000 BTC, valued at $2.7 billion, were removed from multiple crypto exchanges in barely 15 days.

BTC was trading at $44,313 at the time of publishing, up 9.52% from $40,460 the week before. In the meantime, the stock’s 24-hour price increased by 2.93%.

According to the most recent statistics obtained from CoinMarketCap, the flagship cryptocurrency’s market valuation is now $847.1 billion.

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Patrick

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