Bitcoin adoption soars: More than 1 million people now have 1 BTC in their wallets, a 20% jump from last year.
Posted: January 3, 2024 9:24 AM Updated: January 3, 2024 9:24 AM
Correction and fact check date: January 3, 2024, 9:24 AM
briefly
The Bitcoin network has seen a surge in the number of investors, including a 20% increase in the number of unique addresses holding at least 1 BTC.
The number of investors seeking larger stakes in the Bitcoin (BTC) network has surged, with the number of unique addresses holding at least 1 BTC rising 20% to over 1 million, according to a report by AltIndex. A data platform for cryptocurrency insights.
It also found that nearly 90% of addresses made a profit in the last week of December 2023, up an astonishing 40% compared to the same period a year ago.
BTC started 2023 just above $16,000 but continued to rise as the year progressed.
Bitcoin got off to a successful start to 2024, surpassing $45,000 for the first time since April 6, 2022. The surprising resurgence of cryptocurrencies has defied skeptics who predicted a bleak future for the cryptocurrency market, with prices recording an impressive year-on-year surge. It rose almost 160%, making it the best-performing asset last year.
The driving force behind Bitcoin’s recent rise can be attributed to a sense of FOMO (fear of missing out) among certain traders in the US and Europe. This surge in buying activity began on January 1, 2024, and was triggered by rising expectations of the U.S. Securities and Exchange Commission (SEC) approving a spot Bitcoin exchange-traded fund (ETF).
The SEC’s decision on the Bitcoin ETF is eagerly awaited, with reports that 14 asset managers could be notified of a possible application approval as early as Tuesday or Wednesday, ahead of the January 10 deadline. The expected approval is seen as an important catalyst to attract further institutional investment into the cryptocurrency sector.
Bitcoin’s price action is consistent with broader market trends, and other tokens, most notably Ethereum, have also experienced gains, with Ethereum’s transaction value increasing by 2.6%. This positive momentum is likely to continue as the market anticipates the possible approval of a spot Bitcoin ETF and shows renewed confidence in the cryptocurrency landscape.
Asia emerging as a cryptocurrency market
While the United States grapples with cryptocurrency regulation, Asia is emerging as a leading hub for cryptocurrency development and adoption. Cities like Bangkok, Ho Chi Minh City, Jakarta, Manila, Kuala Lumpur and several other metropolitan cities in India are witnessing the growth of developer communities and a thriving Web3 scene.
Government support and corporate adoption in the region, along with events like Token2049 in Singapore, represent fertile ground for the next bull market in the cryptocurrency sector.
As Bitcoin continues to rise, the cryptocurrency market appears to be entering a new phase of growth driven by institutional interest, regulatory developments, and Asia’s growing reputation as a key player in the cryptocurrency space.
Investors and enthusiasts alike are closely watching the SEC’s decision. This is likely to shape the trajectory of the entire cryptocurrency market in the coming months.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
more articles
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.