The Bitcoin network continues to record increased activity on its blockchain, despite the asset experiencing high volatility in 2022.
According to data provided by crypto analytics platform Glassnode, as of July 12, the number of Bitcoin addresses ever created surpassed the 1 billion mark for the first time, reaching 1,000,002,559 addresses.
Motivation to increase new Bitcoin addresses
The recent crypto crisis seems to have reduced investors’ interest in Bitcoin to avoid risky assets. However, Bitcoin is relatively expensive, and the price drop is likely to create an incentive for other investors to join the network
Over the years, buying at a discount has emerged as a popular investment strategy, especially for individuals intent on making long-term profits. This trend could be triggered by retail investors, who may choose to own Bitcoin in the hope of a new all-time high in the future.
Bitcoin addresses remain low
While the number of Bitcoin addresses generated continues to grow, this metric does not directly translate to those who own the asset. In some cases, individuals tend to create multiple new Bitcoin addresses to send and receive transactions, as part of maintaining privacy.
Overall, the number of Bitcoin addresses should be interpreted as bullish sentiment for the asset struggling to sustain above the $20,000 mark. noon update CoinMarketCap, each Bitcoin is trading at 19,485 USD.
