The number of active bitcoin addresses has rebounded to near-record highs, new data shows

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

The number of active addresses rebounded to near-record highs, driven partially by El Salvador’s passage of a law that makes it the first country to as legal tender. According to , on May 8 there were roughly 1.229 million active bitcoin addresses. That’s just under 15,000 addresses away from the January 8 all-time record of 1.243 million.

During the recent bitcoin sell-off, active bitcoin addresses , but now, as bitcoin’s price has stabilized, there’s been a resurgence in the number of active addresses on the network. According to Glassnode, the rise in bitcoin addresses is a common “characteristic of bull markets” as the number of addresses rises when there is “strengthening demand for on-chain transactions, value settlement, and urgency for inclusion in an upcoming block.” Bitcoin has been on a wild ride of late. The price of the digital asset reached an all-time high on April 15 of over $63,500 per coin before bearish news pulled the price down. From...read more...