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Despite the price of Bitcoin continuing to fall since the start of 2022, the cryptocurrency has surged to an all-time record high on the basis of the number of addresses holding it.
Source: Twitter
BTC USD up +3.32%
Almost 40M addresses were held in their balance as of March 14. The crypto analysts firm, IntoTheBlock stated that 888,000 new addresses with a balance in Bitcoin entered the network since the start of 2022, giving it an average of 39.79M addresses.
The accumulation of Bitcoin has been growing in recent months, but there is a significant gap between the number of holders with less than 1BTC and those who hold between 1,000 and 10,000 BTC.
Smallholders have been making massive strides since October 2020 as the whales have been distributing, making it challenging for the market to maintain an upward trend in the long run.
The crypto community at CoinMarketCap has a varied perspective. It recently forecasted with 82% historical accuracy that the price of Bitcoin would surge to near $50,000 by the close of March.
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