Over 1 million addresses now hold at least 1 BTC

Bitcoin (BTC) has seen a stellar comeback in 2023, surging by 70% at one point after a horrendous 2022 crypto downturn. Alongside its price recovery, BTC has also continued to see strong adoption thanks to a group of factors, including increased mainstream awareness and acceptance of cryptocurrencies as a legitimate asset class. 

Notably, the number of Bitcoin addresses holding at least 1 BTC rose to 1 million, marking a new all-time high (ATH), according to data from Glassnode. In fact, the 1 million milestone was reached on Saturday, May 13, data showed.

The increase in the number of investors holding 1 or more “wholecoins” underscores the consistent growth in the adoption of the world’s biggest cryptocurrency. 

The spike became more evident in 2022 when Bitcoin lost more than half of its value amid the worst-ever crypto winter. As a matter of fact, the most significant surges were identified during the crypto market crash in June and November, when the FTX crypto exchange collapsed. 

After inking its all-time high of more than $69,000 in November 2021, around 190,000 new addresses holding at least 1 BTC have been recorded, most of which appeared in early February 2022. 

In the same period last year, the number of investors holding 1 or more Bitcoins stood at 840,951, implying a year-over-year increase of more than 18% and over 23% compared to May 2021.

BTC price analysis

At the time of writing, Bitcoin was trading at $27,064, down 1.23% in the past 24 hours. The cryptocurrency fell 2.49% over the past week and more than 10.6% in the last 30 days. 

Still, BTC’s year-to-date gains remain robust, with the coin rising more than 63% during that period. 

Finally, on May 16, cryptocurrency expert Michaël van de Poppe reflected on Bitcoin’s potential future price movements based on its ability to hold a specific price zone. 

Based on his analysis, he stated that Bitcoin needs to maintain its position within the support range of $26,800 to $27,000. If it fails to do so and falls below that level, it would likely result in a significant decline towards less than $26,000, potentially indicating a bullish divergence.

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