According to Glassnode blockchain data and intelligence provider, the number of Bitcoin wallets holding at least one BTC has broken into a new all-time high. There are now 824,193 BTC addresses holding at least one Bitcoin whose price currently stands at $14,096. Today’s figure surpasses the previous all-time high of 824,160 seen on September 17 this year.
Since Bitcoin’s inception in August 2008, the number of addresses holding at least one BTC has been steadily rising, regardless of the increase of the cryptocurrency’s price since then.
However, Bitcoin price is a significant phenomenon that influences such as new high records. The price of the leading cryptocurrency has risen by almost $3,500 in the month of October alone. Since March 2020 crypto market crash triggered by the Coronavirus pandemic, Bitcoin price has risen by about $10,000. The cryptocurrency’s high price could make such bullishness to happen because an increasing number of whales carve to own the expensive Bitcoin to make more money.
But what makes a rise in Bitcoin price is still a mystery. However, four key factors that contribute to Bitcoin price increase include the governance of Bitcoin itself (e.g., block reward halving), the COVID pandemic, political risk and uncertainty (e.g., the US elections), and investment by users and peers.
Other cryptocurrencies have also experienced significant events on their blockchain networks. For example, Glassnode data revealed that the number of Ethereum addresses holding at least 100 coins (about $40,000) have reached an all-time of 53,019. This is a significant increase as the previous record hit 52,943 on July 13, 2020.
Institutions Investing in Bitcoin
The trend in which the ‘Bitcoin rich list’ continues to reach new all-time highs reflects increased interests from institutions and high-net-worth investors. In the wake of the COVID crisis, many investors have been in search of Bitcoin and other crypto-assets as alternative investments to traditional markets.
Bitcoin and other major cryptocurrencies are “very attractive” investments. This explains the reason why several “very wealthy” traders and investors have turned into Bitcoin. Such Bitcoin whales are large investors with the ability to influence market trends, potentially adding bullish pressures around Bitcoin price. For example, the moment when PayPal payment giant announced support for Bitcoin, prices jumped above $13,300.
