Bitcoin has reached another significant milestone. The number of addresses holding at least one bitcoin has reached an all-time high, above one million.
According to data from Glassnode, this feat was recorded on May 13, indicating a growing interest in the digital asset class despite price volatility and the bear market. At the time of writing this article, the total number of addresses holding one whole bitcoin was 1,000,527. This occurs about 15 months after these wallets reached 800,000 in February 2022.
Adoption of Bitcoin Despite the Bear Market
The latest milestone was reached despite a prolonged bear market, which caused bitcoin to fall by more than 65 percent last year. Notably, there was an increase in the number of addresses during the market downturns in June and November when several major crypto entities collapsed. This implies that investors took advantage of bearish trends to acquire more bitcoins.
It is important to note that reaching one million addresses holding at least one bitcoin does not necessarily mean that there are one million individuals or institutions with such amounts. Many crypto investors and institutions hold multiple bitcoin addresses, meaning the total number of owners may be less than one million and is likely so.
Meanwhile, with addresses holding at least one bitcoin at a peak, the number of bitcoin addresses holding more than zero bitcoins has increased by over 15 percent in the last 15 months. At the time of writing this article, the total number of addresses that are not zero was 46,715,868 compared to 40,276,163 recorded in February 2022.
