According to a report on 23 December, Coin Metrics data shows that the number of active bitcoin addresses has increased by more than 105% this year. In the latest "Network State" report released today, the cryptocurrency data website said that the number of active bitcoin addresses has doubled to 1.2 million this year.
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The report shows:
Soon after institutional investors invested in bitcoin, the price of bitcoin started rising. In a rapidly changing world, bitcoin is increasingly recognized as a hedge against inflation and digital gold. Coin Metrics also reported that the market value of bitcoin has increased by about $ 300 billion this year, and the number of addresses holding at least 0.01 bitcoins has increased by about 700,000.At the end of the year, bitcoin was in its strongest position in many respects. The report further states that As bitcoin continues to gain momentum, bitcoin is set to reach unprecedented heights in 2021
Why is this data so important? Because it is evidence that a market is working well. This is the best performance since 2017. More active addresses mean more people are using this cryptocurrency, or at least purchasing it.
Source: coin metrics, Network state
