The number of active Bitcoin addresses has broken an important sound barrier. Judging by the past, this could be a sign of a parabolic upward trend in the cryptocurrency.On May 7, the number of active addresses of Bitcoin (BTC) climbed again over 1 million for the first time since June 2019. At that time, the price was over $ 13,000. Previously, this brand could only be cracked once more, during the upswing to a record high in late 2017.
Interest is increasing
The positive correlation between the active addresses of Bitcoin and the price development seems to be obvious, as a larger number of addresses indicates higher adoption and network activity. In addition, the upcoming halving is accompanied by increased interest in the market-leading cryptocurrency, which can also be seen from an increase in Google search queries on the subject. Even the well-known hedge fund founder Paul Tudor Jones is now openly speaking for Bitcoin as protection against inflationary monetary policy.
However, it should be pointed out that looking at the mere number of addresses does not show whether a respective wallet holds 0.1 Bitcoin or 100,000 BTC.Despite the strong key figures, some voices are convinced that Bitcoin still needs an increase in institutional investments in order to really climb to new heights in the long term.