Bitcoin (BTC) continues to make waves in the world of cryptocurrencies as it records impressive gains in price and holders. According to data from LookIntoBitcoin, the number of crypto wallets holding at least one Bitcoin has recently reached a new all-time high, getting close to the number of one million holders. This is a significant milestone that shows the increasing adoption of Bitcoin and other cryptocurrencies by individuals and institutions alike.
The total number of Bitcoin holders has also been rising at the fastest rate since early 2021, according to data from Santiment. The chart indicates that the total number of addresses holding any amount of Bitcoin has reached 46.16 million in the past several days. This is similar to the pattern occurring from January 2021 through April 2021, when the price of BTC surpassed $64,000 for the first time in its existence.
The rising rate of people holding onto Bitcoin for the long term is due to crypto traders becoming “increasingly content in keeping their bags unmoved for the long term,” according to the platform’s team. This could be seen as a positive development for the cryptocurrency industry, as it shows that more people are adopting a long-term view of Bitcoin and other digital assets.
The price of Bitcoin has also been on the rise, adding up to the cumulative growth of 40.23% on the coin’s monthly chart and 70% year-to-date. At press time, Bitcoin was trading at $28,379, recording an increase of 0.14% over the previous 24 hours and a 0.73% gain in the last five days.
The increasing adaption of Bitcoin and other cryptocurrencies by individuals and institutions is a positive sign for the industry. It shows that more people are becoming aware of the potential of digital assets and are willing to invest in them for the long term. This is also likely to attract more institutional investors and bring greater stability to the market.
However, it is important to note that the cryptocurrency market is still highly volatile and investors should exercise caution when investing in digital assets. As the market continues to evolve and mature, it is likely that we will see greater regulation and oversight, which could further improve the stability and credibility of the industry.