news hardware Nobody cares about bitcoin anymore? That’s wrong and here’s the supporting number
With bitcoin going through a rough patch due to its value drop of up to $19,000, many have already declared the crypto dead. However, despite the price, this data suggests that there is increasing demand for the Bitcoin network.
Despite falling in value, Bitcoin continues to gain followers
In recent months, the cryptocurrency sector has faced a difficult test. After Bitcoin reached $54,000 in October 2021, it gradually fell until it reached $19,000. Today, many critics believe that the first cryptocurrency in the ranking no longer interests anyone because of its depreciation.
“Of course, when the market is slower, prices are lower, people have lost money, the intensity of appetite actually decreases,” says Chen Arad, co-founder of the cryptocurrency-related risk monitoring company Solidus Labs.
Nevertheless, it is clear that it keeps convincing new users. In a chart from Glassnode (blockchain data provider) posted on Twitter by user @profchaine, we learn that the number of active addresses is constantly growing.
To those who think #BITCOIN died” in every bear market
Let’s think about looking at something other than the price of BTC
The number of active addresses continues to grow slowly but surely over the cycles
It forms visible acceptance plateaus and is currently at +900,000 pic.twitter.com/HcU8FZcSNN
– Teacher. channel (@next) October 20, 2022
Since the dramatic slump in May 2021, the number of active addresses has fallen from 800,000 to over 900,000, despite a sustained decline. This development is part of a more global trend.
In fact, after the bull run (bull run in crypto) of 2017, users had used the price drop to get started. The number of active addresses grew steadily during the 2018 price decline until the 2020 bull run, before exploding upwards.
Insightful Numbers on Bitcoin Usage?
What interpretations can we make from these numbers when Bitcoin is at its lowest? Specifically, over time, the cryptocurrency seems to be persuading more and more users to take the plunge. Based on the number of active addresses on the Bitcoin network, we can quickly understand that this fledgling technology continues to be adopted in the same way as other emerging sectors.
According to a publication by renowned analyst Willy Woo, Bitcoin (BTC) could have 1 billion unique users (active or not) by 2025:
“Bitcoin took six months to have 1,000 users, five years to have 1 million users. Today, 13.8 years after its creation, it has more than 300 million users, or 4% of the world’s population. At the current growth rate, it will reach 1 billion users in the next three years. That’s 12% of the world.”
While it is clear that the number of active addresses explodes in short periods when the asset’s price is highly speculated, this element represents little over the long term – as evidenced by the radial decline in addresses after the price falls. In this sense, Bitcoin seems to attract more for its ideas than for its value since it has existed. As the charts show, it is common for Bitcoin to register users during periods of falling prices.
