- Bitcoin makes waves with a sudden rise leading above $43k.
- BTC non-zero addresses noticed the spike last month in February.
Bitcoin and its derivatives have remained at the forefront in the cryptocurrency space. As the pioneer and the world’s first virtual currency by market capitalization, BTC is gaining more adoption and preference from the world.
The increase in investment in BTC and its derivatives pushes for more BTC wallets for investors. However, even as more BTC wallet addresses are emerging, the thrilling part is that they contain positive BTC balances more than what is obtainable in the past.
A recent on-chain statistics revealed a great inclination for Bitcoin addresses. The revelation is on the surge of non-zero BTC addresses to a new all-time high (ATH). This is technically due to more investors holding BTC in their wallets. Also, the on-chain data from Glassnode, an analytics company, showed the movement of BTC circulating supply for the past 3 to 5 years. The data revealed the amount hitting 2.8 million coins, a four-year high.
The record from the past indicated that the BTC wallet addresses with non-zero balances were gradually making an upward climb through 2019 and 2020. However, by mid-2021, the growth movement leveled out at 35 million addresses. Glassnode reports that this growth has spiked up again from the beginning of 2022, with a subsequent climb to its new ATH of over 40 million.
Bitcoin continues to mark new highs
From the records, the recent increase in BTC supply that showed previous activeness in the past 3 to 5 years is coincident with the 2018 extended bull market.
Additionally, the report from the analytics firm disclosed that over 800 thousand from the non-zero BTC balance addresses have a minimum of 1 whole BTC, showing a 10-month high on February 28.
Moreover, the dynamics of BTC’s supply-side came with many notable metrics for this past month. The report from FSInsight on February 9 showed illiquidity for about 75% of BTC circulating supply. This was due to the immobility of those funds for an extended period. The report compared the situation to a case of the powder keg that could explode once there’s an introduction of a considerable amount of BTC within the market.
Another great indicator of BTC’s censor-proof ability is the recent political instability with Canada and Ukraine in February. Most Canadians and residents have switched over to Bitcoin to secure their funds from getting frozen. Also, the government of Ukraine is currently receiving donations in BTC coins as the political tension within the jurisdiction is rising.
