Bitcoin breaks new record with 40 million addresses

New record reached in Bitcoin despite the problems of the beginning of 2022The importance of the growth of the Bitcoin network

Bitcoin breaks another record amid cryptocurrency market recovery. The number of addresses holding Bitcoin has reached a record high of nearly 40 million addresses, IntoTheBlock reports in a tweet. For comparison, networks like Cardano have only 3.5 million addresses.

Despite the negative performance in 2022, the number of addresses with a certain amount of BTC continues to grow, with 880K new wallets opened. The growth of the Bitcoin network has always been stable, with a strong spike only at the end of 2017.

The importance of network growth

Network growth is one of the most important metrics for any cryptocurrency. Although Bitcoin’s use case remains limited due to the absence of Ethereum-like smart contract technology, it still acts as a benchmark for novice merchants and retail institutions.

Similar to the era of pre-institutional adoption, Bitcoin has been used as an exchange currency similar to Tether and other stablecoins. Most of the trading volume was concentrated in BTC pairs in contrast to modern regular or perpetual futures that absorb the bulk of new funds entering the market.

Bitcoin Market Performance

As mentioned above, Bitcoin got off to a rocky start in 2022 and is already down roughly 20% since the beginning of the year. The traditional financial markets also experienced one of the worst starts in their history, with the S&P500 losing 12.5% ​​since January 1.

At press time, Bitcoin is trading in the wide range formed in February and a lack of purchasing power and uncertainty for most investors currently prevents Bitcoin from breaking out of the range.

The price of Bitcoin is currently at 39120, about 3.5% more than the last 24 hours.

Disclaimer: The content and links provided in this article are for informational purposes only. islaBit does not offer legal, financial or investment recommendations or advice, nor does it replace the due diligence of each interested party. islaBit does not endorse any investment offer or the like promoted here.

Share it with your friends!