Bitcoin (BTC) has seen a stellar comeback in 2023, surging by 70% at one point after a horrendous 2022 crypto downturn. Alongside its price recovery, BTC has also continued to see strong adoption thanks to a group of factors, including increased mainstream awareness and acceptance of cryptocurrencies as a legitimate asset class.
Notably, the number of Bitcoin addresses holding at least 1 BTC rose to 1 million, marking a new all-time high (ATH), according to data from Glassnode. In fact, the 1 million milestone was reached on Saturday, May 13, data showed.
The increase in the number of investors holding 1 or more “wholecoins” underscores the consistent growth in the adoption of the world’s biggest cryptocurrency.
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The spike became more evident in 2022 when Bitcoin lost more than half of its value amid the worst-ever crypto winter. As a matter of fact, the most significant surges were identified during the crypto market crash in June and November, when the FTX crypto exchange collapsed.
After inking its all-time high of more than $69,000 in November 2021, around 190,000 new addresses holding at least 1 BTC have been recorded, most of which appeared in early February 2022.
In the same period last year, the number of investors holding 1 or more Bitcoins stood at 840,951, implying a year-over-year increase of more than 18% and over 23% compared to May 2021.
BTC price analysis
At the time of writing, Bitcoin was trading at $27,064, down 1.23% in the past 24 hours. The cryptocurrency fell 2.49% over the past week and more than 10.6% in the last 30 days.
Still, BTC’s year-to-date gains remain robust, with the coin rising more than 63% during that period.
Finally, on May 16, cryptocurrency expert Michaël van de Poppe reflected on Bitcoin’s potential future price movements based on its ability to hold a specific price zone.
Based on his analysis, he stated that Bitcoin needs to maintain its position within the support range of $26,800 to $27,000. If it fails to do so and falls below that level, it would likely result in a significant decline towards less than $26,000, potentially indicating a bullish divergence.
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