Buyers returned to the Bitcoin (BTC) market, locating interim upside opportunities as the price rebounded to nearly $40,000 on Feb. 25, gaining 16% in less than 24 hours.
Investors bulk up Bitcoin holdings
The number of Bitcoin addresses with a balance greater than 0.01 BTC (~$400) reached a record high of 9.51 million, the latest data from Coin Metrics shows. Meanwhile, the number of addresses that hold at least 0.1 BTC (~$3,850) also reached 3.34 million for the first time in history.
On the whole, Bitcoin’s network added a little over 24,500 addresses with a non-zero balance on Thursday, coinciding with BTC’s choppy price moves — from around $37,200 to below $34,500, followed by a recovery toward $40,000.
Data resource Ecoinometrics divided the addresses into two groups — one that holds less than 1 BTC and the other that holds anywhere between 1,000 BTC and 10,000 BTC — noting that both groups have been “buying the Bitcoin…