news hardware Does Bitcoin no longer interest anyone? This is false and here is the supporting figure.
With Bitcoin going through a rough patch due to its drop in value as low as €19,000, many have already declared that cryptocurrencies are dead. However, despite the price, this data indicates that the Bitcoin network is increasingly in demand.
Despite the fall in value, Bitcoin continues to gain followers
For the past few months, the cryptocurrency sector has faced a difficult test. After reaching €54,000 in October 2021, Bitcoin gradually fell to €19,000. Today, many detractors believe that the first cryptocurrency in the ranking is no longer of interest to anyone due to its loss of value.
“Naturally, when the market is slower, prices are lower, people have lost money, the intensity of appetite actually decreases,” says Chen Arad, co-founder of cryptocurrency-related risk monitoring company Solidus Labs.
However, it is clear that it continues to convince new users. In a graph from Glassnode (blockchain data provider) posted on Twitter by user @profchaine, we learn that the number of active addresses is constantly growing.
to those who think #BITCOIN died” in every bear market
Let’s think about looking at something other than the price of BTC
The number of active addresses continues to grow, slowly but surely, throughout the cycles.
Forming visible adoption plateaus, currently sitting at +900k pic.twitter.com/HcU8FZcSNN
– Teacher. Channel (@next) October 20, 2022
Since the drastic drop in May 2021, the number of active addresses has dropped from 800,000 to more than 900,000, despite the continued decline. This development is part of a more global trend.
In fact, after the 2017 bull run in crypto, users had taken advantage of the price drop to get started. Thus, during the 2018 price crash through the 2020 bull run, the number of active addresses grew steadily, before exploding to the upside.
Revealing figures on the use of Bitcoin?
With Bitcoin at its lowest point, what interpretations can we draw from these figures? Specifically, over time, cryptocurrencies seem to convince more and more users to take the plunge. By looking at the number of active addresses on the Bitcoin network, we can quickly understand that this young technology continues to be embraced in the same way as other emerging sectors.
According to a publication by renowned analyst Willy Woo, bitcoin (BTC) could register 1 billion unique users (active or not) by 2025:
“Bitcoin took six months to have 1,000 users, five years to have 1 million users. Today, 13.8 years after its creation, it has more than 300 million users, or 4% of the world’s population. At the current growth rate, 1 billion users will be reached in the next three years. It’s 12% of the world.”
While it is clear that the number of active addresses explodes during short periods when the asset price is highly speculated, this element represents little in the long run, as evidenced by the radial drop in addresses after the price has fallen. In this sense, Bitcoin seems to attract more for its ideas than for its value, as it has existed. As the charts show, it is common for Bitcoin to register users during periods of falling prices.
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