Bitcoin showed growth in one metric which indicates positive views on adoption and the ability to reach new users. The number of active addresses and new addresses has risen, with a specific uptick since 2017.
In December 2017, after BTC entered its most successful bull market, ownership increased, with a total of 124 million addresses generated. Even during the bear market, and a fairly tame 2019, address development continued at more than 300,000 new addresses per day, reveals Decentralized research.
The last decade has also shown that “hodling” is much more than a meme, and is still one of the most popular trends in ownership of BTCs.
“For a sense of scale, the number of people holding more than 0 bitcoin in Jan 2011 was a mere 70,0000. Today that number is north of 28 million — a 400x growth over the decade,” revealed the analysis.
Of course, over 18 million BTC have been minted over that time, enabling a wider audience to access the coins. But factors such as a greater number of exchanges, as well as added retail adoption, have driven the growth in addresses of bitcoin.
Not all of the Bitcoin addresses have been mapped out, and growth may be possible due to a smaller pool of entities. In addition, there is no limit to the creation of new Bitcoin addresses, and coins can be moved and wallets switched to avoid easy identification. Address growth also went through anomalies due to dusting attacks, or other splitting approaches, then reuniting the BTC. But overall, after BTC gone mainstream in 2017, both small-scale and “whale” wallets grew significantly.
The on-chain activity in bitcoin has also grown significantly. BTC now handles more than 300,000 transactions per day from a few hundred transactions per day in 2011. December saw a peak of operation whilst it is slacking off for now.
While the BTC network remains slower and holds less transactions compared to altcoins, large-scale value transfers are also highly capable of this. The transferred peak value occurred in early 2018 when prices for BTC were near a low. Fees have also slowly risen, while remaining productive, reaching $1 billion in total.
But the largest growth was seen in the mining ecosystem, which with new generations of ASIC rigs saw several expansions. For high-capacity machines, as well as existing links to hydroelectric power in China, Russia, and the US, a new expansion may now be feasible.