Bitcoin has been around for well over a decade now. It is difficult to find a person who hasn’t heard about Bitcoin in a developed nation. However, despite the popularity of the coin, mass adoption has not taken place at the rapid pace analysts predicted in the past.
Does this mean the cryptocurrency isn’t becoming more popular? Not at all. A recent graph from Glassnode revealed that the number of individual holders of Bitcoin has reached an all-time high.
Bitcoin Addresses Reach an All-time High
The graph, which was posted on Twitter by Glassnode, showed that the number of Bitcoin addresses is now 10,702,698, a few addresses away from the 15th high of 10,702,327. Every day, there are about 417,354 new addresses created on the Bitcoin network from different locations across the globe.
These new accounts are being created by individual investors who want to key in on Bitcoin’s downward volatility and buy the deep before the token starts a bullish rally again. On the other hand, some analysts suggest that the current downtrend in the price of Bitcoin is due to the significant spike in interest and not the other way around.
In any case, the rise in interest shows that the cryptocurrency may be closer to Globe adoption than investors think.
Bitcoin Price Analysis – Where is Bitcoin’s Bottom?
At the time of writing, the price of Bitcoin was $19,859.43. This means it was trading up by 0.26% against the USD, within the $19,400.08 and $20,021.74 trading range over the last 24 hours. Yesterday, the BTC price was at risk of losing support at $19,000 before the bulls saved the day with an upward correction.
Whether or not the downtrend will continue remains to be seen but if it does, Bitcoin may find a bottom as low as $12,000 or even $10,000 before gathering the momentum required to surge once again. This would present the perfect opportunity for investors to buy when prices are low.