Supply dynamics of the Bitcoin network indicate high adoption rates which is indicated by a higher number of addresses with BTC balances in the plus column. These numbers are going up and is something to celebrate. Statistics related to the BTC chain through the end of February indicate that BTC is experiencing positive sentiments. Addresses with money in the account reached an all-time high.
The interesting thing is that all of these wallets not only have a positive balance in them, but they are also hodling. The number of BTC in circulation remained the same over the last five years and reached a high of ca. 2.8 million. This information was provided by Glassnode, a blockchain analytics firm.
The number of wallet addresses with a balance higher than zero has been increasing since 2019 till mid-2021. Growth slowed and stopped at close to 35 million addresses. However, growth in the number of addresses began to rise again since the start of 2022 and is now at 40,277,160. The sudden increase in the supply of BTC which was last active 3 or 5 years ago, coincides with the extended bull market at the beginning of 2018.
Among addresses with the lowest balance possible, about 818,000 accounts have at least one complete bitcoin. The problem is that Bitcoin prices have been fluctuating due to market volatility and the political situation in Ukraine and Canada. The Ukrainian government requested and got crypto donations to help defray expenses and help its people. The current price of BTC is $37,827 and is down about 45% from its high in November 2021.
