The number of Bitcoin wallet addresses holding one whole BTC or more has reached one million, according to data from Glassnode. Despite a period where the price of Bitcoin fell more than 65%, the number of wallet addresses containing one Bitcoin or more showed a significant increase.
The latest data from Glassnode revealed that the number of wallet addresses holding one whole BTC or more has now surpassed one million. The analysis showed that this significant rise was due to a surge in the number of smaller wallets holding full Bitcoin.
The data from Glassnode shows that the number of Bitcoin wallets containing one BTC or more has grown from just over 550,000 in March 2020 to over one million. The one million mark was reached this month, despite a persistent drop in the Bitcoin price, which fell from around $9,100 at the start of March to around $5,700 at the time of writing.
The increase in the number of wallet addresses holding one Bitcoin or more is a strong indicator that the cryptocurrency is growing in popularity. This suggests that more people are becoming confident in the cryptocurrency and are willing to invest in it despite its volatile market performance.
The data from Glassnode also shows that the number of wallets containing a fraction of a Bitcoin has declined over the same period. This suggests that people are consolidating their holdings in full Bitcoin rather than holding smaller fractions, which could be indicative of a long-term investment strategy.
The rise in wallet addresses holding one Bitcoin or more is a positive sign for the cryptocurrency, indicating that the asset is becoming increasingly popular with both retail and institutional traders. This could be the start of a new trend, with more people investing in Bitcoin in the long-term.
