We checked the current data: 420,000 new addresses appeared on the Bitcoin network yesterday. Although the figure looks impressive, it is far from a historical high. The record figure was set on December 19, 2017 - shortly after BTC rose to $20,000. At that time, 657 thousand new addresses appeared on the network.


Graph of the number of new addresses in the Bitcoin network

Bitcoin is becoming increasingly popular

The graph below shows the growth rate of new wallets as an orange line, as well as the number of addresses with a BTC balance greater than zero. As you can see, almost one million new cryptocurrency wallets were created in November, and this happened even despite the short-term collapses of the crypto market.

Graph of new Bitcoin cryptocurrency wallets growth


It's worth noting here that the situation on the Etherium network is quite similar. In particular, the ETH figure with a non-zero balance set an all-time high the day before. Accordingly, the cryptocurrency blockchain has never had so many wallets holding a certain amount of coins.

According to Glassnode experts, the situation is due to the popularity of NFT. It is the unique tokens that attract new users to the coin industry who have never interacted with digital assets before. As such, they are buying coins and topping up their own addresses for further engagement on different platforms.


Graph of the number of Etherium addresses with a non-zero balance

In the end, two important questions remain here. The first – was the influx of new Bitcoin users merely a consequence of the cryptocurrency’s rise to a new all-time high? The second – was it perhaps the start of a new global trend in the crypto market?

Either way, more and more young investors are getting interested in the digital asset industry every month. For them, cryptocurrency trading looks like a much more attractive way to make money compared to traditional markets because of Bitcoin’s high volatility and ability to trade crypto 24/7.


It should be noted that experienced traders are indeed not afraid of the volatility of cryptocurrency assets, i.e. their sharp changes in value. Since it is possible to make money in the market in any direction of the asset's value movement, sharp price jumps are good for traders. At the same time, bankers and officials cite volatility as the main disadvantage of cryptocurrencies - although in fact, crypto traders are certainly willing to argue with that.


Meanwhile, in Thailand, according to Cointelegraph, mining activity is on the rise. The reason is the ban on all cryptocurrency activity in mainland China. The Chinese are getting rid of their equipment en masse at low prices, which is being taken advantage of in Thailand: still, local businessmen are launching crypto farms with relatively small start-up capital.

Crypto farm

The introduction of a large amount of mining equipment to the market has led to a drop in its price – some Thai residents were able to make good money not only from launching crypto farms, but also from the basic resale of already used ASIC-mainers. As we can see, even the Chinese government’s aggressive policy towards Bitcoin can benefit the industry as a whole and people in other countries in particular.


We believe that the emergence of a large number of new addresses in the Bitcoin network does not yet guarantee an activation of buyers, but it can indeed happen. It is important to note that first-time investors usually do not buy an asset at a low price during a market crash, but after the cryptocurrency's value has risen steadily. Therefore, it is likely that these addresses will support Bitcoin's movement after the main cryptocurrency finds a local bottom and starts to show strength. At least in early 2021, that's how it was going to happen.


Look for even more interesting things in our millionaires cryptochat. There, we’ll talk about other topics that affect the world of decentralised assets in one way or another.