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The number of active bitcoin addresses has rebounded to near-record highs, new data shows

Published by Business Insider on Wed, 09 Jun 2021

<p><img src="https://static3.businessinsider.com/image/60c0e54a8afda0001895d549-2400/El Salvador bitcoin.jpg" border="0" alt="El Salvador bitcoin" data-mce-source="Camilo Freedman/SOPA Images/Getty Images" data-mce-caption="A bitcoin sign in El Salvador" data-link="https://www.gettyimages.com/detail/news-photo/view-of-a-bitcoin-signpost-on-the-road-salvadoran-president-news-photo/1233327416'adppopup=true"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>The number of active <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> addresses rebounded to near-record highs, driven partially by El Salvador's passage of a law that makes it the first country to <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-2021-6-1030506569">accept the digital currency</a> as legal tender. &nbsp;</p><p>According to <a href="https://studio.glassnode.com/metrics'a=BTC&amp;category=&amp;chartStyle=line&amp;ema=0&amp;m=addresses.ActiveCount&amp;mAvg=7&amp;mMedian=0&amp;s=1591660800&amp;u=1620518399&amp;zoom=">Glassnode data</a>, on May 8 there were roughly 1.229 million active bitcoin addresses. That's just under 15,000 addresses away from the January 8 all-time record of 1.243 million.</p><p><img src="https://static4.businessinsider.com/image/60c0de6c8afda0001895d522-1539/Glassnode chart bitcoin adresses 2.png" border="0" alt="Glassnode chart bitcoin adresses 2" data-mce-source="Glassnode" data-link="https://studio.glassnode.com/metrics'a=BTC&amp;category=&amp;chartStyle=line&amp;ema=0&amp;m=addresses.ActiveCount&amp;mAvg=7&amp;mMedian=0&amp;s=1591660800&amp;u=1620518399&amp;zoom="></p><p>During the recent bitcoin sell-off, active bitcoin addresses <a href="https://markets.businessinsider.com/currencies/news/active-bitcoin-addresses-dropped-from-april-peak-glassnode-data-2021-6-1030500988">fell dramatically</a>, but now, as bitcoin's price has stabilized, there's been a resurgence in the number of active addresses on the network.</p><p>According to Glassnode, the rise in bitcoin addresses is a common "characteristic of bull markets" as the number of addresses rises when there is "strengthening demand for on-chain transactions, value settlement, and urgency for inclusion in an upcoming block."&nbsp;</p><p>Bitcoin has been on a wild ride of late. The price of the digital asset reached an all-time high on April 15 of over $63,500 per coin before bearish news pulled the price down.</p><p>From <a href="https://markets.businessinsider.com/currencies/news/tesla-stock-price-crypto-linked-stocks-elon-musk-bitcoin-concerns-2021-5-1030425066">Tesla's u-turn</a> on accepting bitcoin as a payment to concerns about the digital currency's <a href="https://markets.businessinsider.com/news/stocks/you-may-be-surprised-at-bitcoins-impact-on-the-environment-1030477104">environmental impact,</a> there was a flurry of bearish signals that hurt bitcoin.</p><p>Now though, the digital currency seems to have regained some of its previous luster after <a href="https://markets.businessinsider.com/currencies/news/bitcoin-2021-jack-dorsey-michael-saylor-best-quotes-miami-crypto-2021-6-1030497497">landing support</a> at the soldout Bitcoin 2021 Miami conference and from El Salvador's President Nayib Bukele.</p><p>Bukele sent a bill to El Salvador's congress asking to make bitcoin legal tender in the country this week, and the bill was passed with a supermajority (62 out of 84 votes).</p><p>Nicholas Cawley from DailyFX told Insider that making Bitcoin legal tender "will help the remittances trade in El Salvador, for people sending money back to the country."</p><p>The strategist said that "if this proves successful then the other big remittance markets including Mexico will be very interested onlookers."</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/stablecoins-could-start-replacing-traditional-money-within-a-few-years-2021-6" target="_blank" rel="noopener">Forget bitcoin and other hypervolatile cryptocurrencies. For everyday transactions, the future of money is stablecoins.</a></em></p><p>Inflation concerns could also be helping bitcoin regain its prominence as digital assets are often viewed as a way to protect capital from inflationary pressures.</p><p><a href="https://trends.google.com/trends/explore'date=today%201-m&amp;geo=US&amp;q=inflation">Google Trends data</a> shows terms relating to inflation have seen skyrocketing search volume over the past month as market commentators continue to question whether current inflationary forces are truly <a href="https://markets.businessinsider.com/news/stocks/inflation-outlook-transitory-expert-commentary-opinion-federal-reserve-qe-reopening-2021-5-1030457226">"transitory"</a> as the Fed describes.</p><p>Wharton professor Jeremy Siegel even said <a href="https://markets.businessinsider.com/news/stocks/inflation-increase-outlook-us-money-supply-explodes-jeremy-siegel-2021-5-1030432547">inflation could spike to 20%</a> in the next few years in a recent interview with CNBC.</p><p>If inflation does spike and investors seek uncorrelated stores of value, bitcoin could end up gaining even more traction.&nbsp;</p><p><a href="https://markets.businessinsider.com/currencies/news/active-bitcoin-addresses-rebound-near-record-highs-glassnode-data-2021-6-1030508828#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/racist-origins-marijuana-prohibition-legalization-2018-2">How racism contributed to marijuana prohibition in the US</a></p>
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