Nobody cares about bitcoin anymore? This is not true, and here is the confirming figure

Equipment news Nobody cares about bitcoin anymore? This is not true, and here is the confirming figure

Published on 23.10.2022 at 17:50

As bitcoin is having a hard time with its price drop to 19,000 euros, many have already declared the cryptocurrency dead. However, despite the price, this data indicates that the Bitcoin network is in increasing demand.

Despite the fall in value, bitcoin continues to gain followers

In the past few months, the cryptocurrency sector has faced a difficult test. After reaching 54,000 euros in October 2021, bitcoin gradually fell until it reached 19,000 euros. Today, many ill-wishers believe that the first cryptocurrency in the ranking is no longer of interest to anyone due to the loss of value.

“Naturally, when the market is slower, prices are lower, people have lost money, the intensity of appetite actually decreases,” says Chen Arad, co-founder of cryptocurrency risk monitoring firm Solidus Labs.

However, it is clear that he continues to convince new users. In a chart by Glassnode (blockchain data provider) posted on Twitter by user @profchaine, we learn that the number of active addresses is constantly growing.

After a sharp drop in May 2021, the number of active addresses has dropped from 800,000 to over 900,000 despite continued decline. This development is part of a larger global trend.

Indeed, after the bull run (crypto bull run) of 2017, users took advantage of the price drop to get started. Thus, during the 2018 price drop to the 2020 bull market, the number of active addresses rose steadily before increasing dramatically.

Revealing numbers on bitcoin usage?

What interpretations can we make of these numbers when bitcoin is at its lowest? Specifically, over time, the cryptocurrency seems to convince more and more users to take the plunge. By noting the number of active addresses on the Bitcoin network, we can quickly see that this young technology continues to be applied as well as other emerging sectors.

According to a publication by well-known analyst Willy Wu, by 2025 Bitcoin (BTC) may register 1 billion unique users (active or not):

“It took Bitcoin six months to have 1,000 users and five years to have 1 million users. Today, 13.8 years after its inception, it has over 300 million users, or 4% of the world’s population. At the current growth rate, 1 billion users will be reached in the next three years. That’s 12% of the world.”

While it is clear that the number of active addresses increases dramatically in short periods when the price of an asset is highly speculated, this element represents little in the long run, as evidenced by the radial drop in addresses after the price has fallen. In this sense, Bitcoin seems to be attracted more by its ideas than by its value, which it was. As you can see from the charts, Bitcoin usually registers users during price drops.

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