Bitcoin monthly active addresses hit 19.6 million in November
Bitcoin experienced many highs in November after the end of 2017. The Bitcoin rally of November this year also brought a huge increase in the number of active Bitcoin addresses.
According Glassnode, a chain market analysis platform, 19.6 million addresses Bitcoin were active in November 2020 sending or receiving BTC. That was the third highest figure in a single month, after December 2017 and January 2018. In December 2017 and January 2018, these figures were 21.64 million and 19.67 million respectively.
The number of active Bitcoin addresses for a single day was also at similar heights to those seen during Bitcoin's bull run in 2017. According to some reports, on November 9, the number of active addresses for the day was 1.18 million. These numbers were just 100K lower than Bitcoin's all-time high of 1.29 million addresses, seen on December 14, 2017, three days earlier, when Bitcoin was hitting $ 20,000.
This number is still relatively small compared to the total number of Bitcoin addresses created. According to Glassnode, there are more than 740 million Bitcoin addresses, but most of them do not have Bitcoin.
In November, the price of the coin increased by $ 600 from levels of $ 13,000 to $ 19,000. This uptrend began in September 2020 which kicked off a recovery from a collapse that followed the late 2017 surge to all-time highs near $ 20,000. According to CoinMarketCap, the price of Bitcoin, at the time of writing, is $ 19,068.11 less than 1.3% in the last 24 hours compared to $ 13,753 on Nov. 2.
How we discuss previously, the main factor driving this bull run is greater institutional participation. Big institutional buyers like Microstrategy and Square invested a lot in recent months. This created a shortfall in bitcoin liquidity, pushing prices higher.
Thanks to these events, Bitcoin has caught the attention of many people and is ready to grow as an asset class, as said Larry Fink, CEO of the world's largest fund manager with $ 7.2 trillion in assets, BlackRock, who believes that the largest crypto asset can become a global market asset. These possibilities are not far from the truth, as many billionaires are allocating a portion of their assets to bitcoin.
On November 25, Glassnode also reported that Bitcoin whales, entities that own at least $ 1,000 BTC, have reached a new ATH after more than 4 years. As of November 26, there were almost 2,000 BTC whales.
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