The quantity of active Bitcoin addresses rises up to over 105% this year.
In the newest ‘State of the Network’ report, the crypto data site showed that the number of active addresses this year doubled and hit 1.2M.
This is significant for it is evidence of a healthy market. It is the healthiest since 2017. More active addresses mean that more people are using the cryptocurrency, or buying it.
Bitcoin’s success this year is thanks to institutional investors flooding the market, with MicroStrategy, PayPal, and Square getting stuck in.
“Soon after [institutional investors invested] Bitcoin’s price began to rise,” the report stated. “In a quickly changing world, Bitcoin is increasingly being endorsed as a hedge against inflation and form of digital gold.”
It has also been noted that over $300B has been added to Bitcoin’s market cap this year and the number of addresses holding at least 0.01 BTC grew by over 700,000.
The site also stated that the biggest cryptocurrency by market cap will still grow next year.
“In many respects, bitcoin is in its strongest position yet closing out 2020,” the report stated. “As momentum continues to build, bitcoin is on the verge of reaching unprecedented heights in 2021.”
2021, Here we come!
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