Blockchain intelligence and data provider – Glassnode – has revealed that a total of 38.76 million Bitcoin addresses now have non-zero balances. This is the highest level ever recorded since the last peak of 38.7 million marked this April.
Bitcoin’s fall is not a problem
Despite its recent price drop, bitcoin has reached new heights in another area. According to Glassnode, there are now 38.76 million BTC wallets containing some amount of the primary cryptocurrency. It took exactly seven months to break the previous record of 38.7 million non-zero addresses recorded on April 23.
Some of the reasons behind this increase might be the developments that bitcoin passed through during the last couple of months. It appears the positive trend started in early October, shortly after the SEC and Federal Reserve said the United States would not impose restrictions on the cryptocurrency industry.
The largest country by landmass and an economic rival of the US – Russia – also disclosed it has no intentions to implement a China-style crypto ban. President Vladimir Putin even predicted that digital assets could one day serve as a medium of cross-border exchange and payments.
Another significant advancement happened on October 19 when the ProShares Bitcoin Strategy futures-backed ETF, ticked BITO, saw the light of day. It began to be traded on the New York Stock Exchange and thus became the first product of its type to exist in the United States. A few days later, the leading digital asset broke its previous all-time high price and reached almost $65,000.
In the first 17 days of November, bitcoin did not drop below $ 60,000. On the 10th, he even hit another ATH of nearly $ 69,000. However, the asset’s price started declining in the last couple of days, and currently, it trades at around $57,000.
Nonetheless, its adoption curve continues with many companies adopting BTC as their payment method. Additionally, bitcoin became a legal tender in El Salvador in September and reports suggest that locals have now opened millions of BTC accounts.
BTC is in a bullish mode
According to another chart presented by financial market data – Santiment – the supply of bitcoin continues to pull away from the stock exchanges. That might be an indication that BTC whales and long-term investors have been transferring the digital asset to external cold wallets.
By moving away from trade, they could create a supply shortage to reduce the risk of mass sales, which could also drive up prices. In addition, USDT also remains high on trading venues, signaling an enhanced buy power.
