• Sat. Feb 24th, 2024

Bitcoin Network Doubles Users

The number of monthly active addresses in 5 years have doubled

The Bitcoin Network (BTC) doubled its monthly active addresses (MAA) in the last five years. That’s according to data presented by tradingplatforms.com. From 15.47 million in January 2017, it closed at 29.68 million MAAs in December 2021, a growth of 92%.

Tradingplatforms.com’s Edith Reads has shared her thoughts on the news. She said, “Monthly active addresses is a crucial metric to any crypto project. That’s because it can be the window to the currency’s overall health. The active addresses are pointers to the people interacting with the asset. In this instance, the doubling of the BTC MAA indicates growing confidence in the currency.”

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Peaking Bitcoin MAA

The data shows the MAAs peaking at specific intervals. For instance, the MAA peaked in December 2017 when the addresses approached 34 million. Other peaks occurred in January and March 2021. Then, the addresses reached approximately 36 and 35 million, respectively.

The December 2017 peak coincided with the coin’s bullish run. From January 2017 lows of $1,100, bitcoin surged twenty-fold by 16th December 2017. Then it traded at approximately $20,000, the upswell happening a year after its halving.

The growth in the MAA in 2017 is due to increased public awareness of crypto. Mainstream media publicized bitcoin, causing an influx of first-time Bitcoin retailers into the market.

Hedging against inflation

But the January and March 2021 surges were due to a different factor. Rising inflation rates due to the COVID -19 pandemic led people to seek alternatives for hedging. And bitcoin provided that outlet.

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Additionally, the period saw an influx of institutional investors. They included pension schemes, endowment funds, and investment funds.

This bull run had the thrust of big-name investors, for example, Paul Tudor and JP Morgan. Their actions helped shore up the trust in the king crypto.

This investment by institutional investors spoke volumes about Bitcoin’s mainstreaming. Some of the major payment firms are now accepting payments in the coin. And there’s an increase in the number of outlets supporting payments in it.

The full story and statistics can be found here: https://tradingplatforms.com/blog/2022/01/05/bitcoin-network-doubles-the-number-of-monthly-active-addresses-in-5-years/

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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.