Wallet Addresses Holding BTC Reaches 28.39 Million All-Time High

The number of wallet addressing containing any units of Bitcoin (BTC) has reached a new all-time high of 28.39 million.

The data which was first pointed out on Twitter by Alex Thorn using data from CoinMetrics can serve as “one of the best proxies we have to approximate the total number of individual bitcoin users.”

Notably, the new number eclipses the previous high of 28.38 million wallet addresses, which was reached on January 10, 2018, in the heat of the bull market that started the year before.

On the other hand, it is vital to note that while an increase in the number of Bitcoin wallet addresses can signify an increase in adoption globally, the figure 28.39 million figure could trim significantly if the number of individuals holding bitcoins in multiple addresses is put into perspective.

However, that doesn’t overshadow the fact that there have been several high-profile adoption cases for Bitcoin throughout 2019 and more institutional structure being built around the dominant cryptocurrency.

The hypothesis is that the more users and infrastructure is built around Bitcoin, the more difficult it becomes from the cryptocurrency to go away. So far, 2019 has proven to be another largely successful year of growth for both price and adoption.

Note: This article was updated to reflect the correct date of the previous all-time high. An earlier version stated that the previous all-time high was recorded on October 1, 2018, instead of January 10, 2018.