Bitcoin’s remarkable run over the past few weeks saw it reach yearly highs in terms of price, while also bolstering its market cap to cross the $200 billion mark. Aside from the price hike, other parameters like the number of addresses and difficulty were also given positive boosts, forcing many in the space to speculate that it was the second coming of the world’s largest cryptocurrency.
A recent analysis further showed that the number of unique addresses on the Bitcoin blockchain was also on the rise. This was also pointed out by Mati Greenspan, Senior Market Analyst at eToro, who stated that Bitcoin mass adoption was en-route a radical spike. Data from blockchain.com showed that between June 25 and June 30, the number of unique addresses fluctuated between 664,697 and 521,934.
There are separate schools of thought that point to the implications of an increased unique address count. An increase in the number of addresses can mean that new users are jumping into the Bitcoin ecosystem, or it could mean that the same number of people in the ecosystem were using multiple addresses.
At the same time, the value of transactions on the Bitcoin blockchain also saw a spike with a whopping $2 billion worth of transactions being conducted on the BTC blockchain. The rise in value started towards the beginning of March. However, the $2.133 billion worth of transactions still paled in comparison to the $4.5 billion worth of transactions that happened during Bitcoin’s all-time high in December 2017.
Bitcoin was in the news recently after Mikhail Mironov, Co-founder of SMC Capital, spoke about how the Asian Markets had responded to the fluctuation in Bitcoin prices. Mironov said,
“Retail trade from China is on the rise and deserves our close attention. Ever heard of Biki, Bliss, and MXC or Zg.com? These are all the new crypto exchanges in mainland China launched in recent months. They already run business with millions of users acquired by deploying large marketing campaigns, and that’s amid the infamous crypto trading ban. To add, zg.com is a fiat to crypto platform accepting Chinese RMB.”