According to the analytical agency Glassnode, the volatility and problems of the crypto market did not stop the development of Bitcoin.
Glassnode specialists reported that for the first time since the existence of the Bitcoin blockchain, the number of created addresses on the network on July 11 exceeded one billion, reaching 1,000,002,559 addresses by the end of the day. This suggests that Bitcoin, despite the fall of the cryptocurrency market, continues to be popular.
The recent crash of cryptocurrencies seems to have dampened investor interest in bitcoin as a high-risk asset, analysts say. Against the backdrop of accelerating inflation, many traditional assets have lost the financial support of traders.
At the same time, the falling price of bitcoin inspired investors to invest in BTC and create new addresses on the blockchain. While the number of addresses created continues to grow, this metric is not directly related to the number of users who own an asset. In some cases, investors have multiple addresses to send and receive transactions.
The growing number of addresses may be driven by the need for investors to process each bitcoin transaction at a new address in order to maintain privacy.
For comparison, according to data from the analytical company Santiment, the number of unique addresses in the Ripple blockchain in July exceeded 200,000 for the first time since the beginning of 2020.
Source: Bits
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