With the help of institutional funds, the number of active bitcoin addresses has doubled this year

According to decrypt on December 23, the number of bitcoin active addresses has soared by more than 105% this year, according to coin metrics. In its latest “network status” report released today, the cryptocurrency data website said the number of active bitcoin addresses has doubled this year to 1.2 million. On December 10, another Canadian institution began to adopt bitcoin, and MassMutual, an insurance company, announced its $100 million acquisition of BTC. Less than a week later, on December 16, bitcoin’s price peaked at $19640 in 2017 and soared to more than $20000 three years later. During 2020, the market value of bitcoin has increased by more than $300 billion. The number of daily active addresses has doubled, and the number of addresses holding at least 0.01 bitcoin has increased by more than 700000. Why is this data so important? Because it’s evidence that the market is working well. This is the best performance since 2017. More active addresses mean more people are using the cryptocurrency, or at least buying it. Coin metric attributed bitcoin’s success this year to the influx of institutional investors, including square, MicroStrategy and paypal. Soon after institutional investors invested in bitcoin, the price of bitcoin began to rise, according to the report. In a rapidly changing world, bitcoin is increasingly seen as a hedge against inflation and in the form of digital gold. Coin metrics also points out that the market value of bitcoin has increased by nearly $300 billion this year, and the number of addresses holding at least 0.01 bitcoin has increased by nearly 700000. The site added that the largest cryptocurrency by market value will continue to grow next year. Bitcoin is in its strongest position in many ways towards the end of the year, the report said. As bitcoin continues to gain momentum, it will reach an unprecedented high in 2021. This article is authorized by decrypt.com to translate the original text: https://decrypt.co/52403/bitcoin-active-addresses-doubles-in-2020-coin-metrics by Mathew Di salvo translated by Captain Hiro (http://www.8btc.com/)

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