Bitcoin adoption statistics
Monthly resolution of active addresses.
The number of active addresses on the Bitcoin network is important because it shows adoption and consensus. On January 1st 2009 there were 151 active addresses and on the 1st of April 2023 there were 17,833,216 active addresses. At the peak of the bull market in 2013 there were 2,688,921 active addresses compared to 21,637,793 at the peak of the 2017/2018 market peak which something like an 8X on adoption rate in 4 years.
Interestingly, after the 2013 bull market peak the number of active addresses continued to increase. Comparatively, the number of active addresses dropped dramatically to roughly 11,000,000, after the 2017/18 bull market peak. Interestingly, the active number of addresses peaked in January 2021 at 22,339,000 however the BTC peak price didn’t happen until April and then October 2021. Although you can see number of active addresses putting in higher highs and lower lows it should be noted that the recent cycle peak went only marginally higher than in 2017/18.
Total number of BTC addresses.
The total number of Bitcoin addresses is 1,125,006,288. Seen as there are 8 billion people on the planet there is plenty of room for growth. Does BTC have a maximum of an 8x growth from the previous cycle peak? If so, that would make each Bitcoin worth $552,000.
There are far less active addresses than total number of addresses. These could be dormant addresses of long term hodlers, addresses of disillusioned dabblers in the market or many people have multiple bitcoin addresses.
With that said, the total number of bitcoin addresses is increasing at an exponential rate which could be interpreted as a healthy nod in the direction of adoption.
The number of unique addresses that appeared for the first time in a transaction of the native coin in the network.
This is the number of new addresses on the bitcoin network set to a monthly resolution. At the 2017/18 and 2021 cycle peaks the number of new monthly bitcoin addresses was roughly 17,000,000. Although this continues to show higher lows the local bull market peak was not a higher high. 17 million new addresses a month is great and Bitcoin currently sits around 13-14 million monthly new addresses. Growth continues to happen but will we see this accelerate again? Is this plateaux something to be concerned about?