The number of wallet addresses on the Bitcoin network reached an ath

The price of Bitcoin (BTC), the largest asset in the cryptocurrency market, continues its consolidation after its move above $ 26,500. Sustaining this growth in the short term will now depend on whether investors, including both new and old entrants, will show strength in light of the latest on-chain data recorded.

The data compiled and shared by Ali Martinez, one of the leading market analysts, shows that the number of wallet addresses created in the Bitcoin network has reached an all-time high (ATH), breaking a record. These data were also confirmed by on-chain analysis platform Glassnode, which reported that the number of wallet addresses holding at least 0.1 BTC reached 4 million 486 thousand 752.

Experts underline that it is very important that the record is renewed in the number of wallet addresses created. The critical detail here is that people continue to show interest in the crypto king even though there are many cheaper altcoins and different investment options. At this point, it can be said that the application of BlackRock, the world’s largest asset management company, to the US Securities and Exchange Commission (SEC) for the spot Bitcoin Exchange Traded Fund (ETF) has significantly increased the adoption of the largest cryptocurrency by the general public. In addition to this milestone, analyst Will Clemente from Reflexivity Research also pointed out that Bitcoin’s total daily transaction volume surpassed that of the US payment giant Visa. This milestone shows that people are actually using Bitcoin as a layer for transferring monetary value. According to the real figures shared, there are two competitors ahead of the crypto king: Automated Clearing House (ACH) and payment system Fedwire.

Bitcoin’s price has been trending towards some consolidation over the past few weeks, navigating a vicious cycle where many analysts believe a major breakout will occur at any time from now on. BTC, which largely compensated for its losses during the week and regained it, managed to record a growth of 2.47 percent during the week. With the excitement that may arise after the latest milestones reached on the chain and the rapidly approaching block reward halving, which is expected to take place in April 2024, Bitcoin is expected to achieve a more ambitious growth in the short term and exceed the 30 thousand dollar threshold, or even break much higher than 30 thousand dollars.