The number of active addresses on the Bitcoin blockchain has recently surpassed one million, a figure the flagship cryptocurrency hasn’t seen since late November of 2017, when it was on its way to an all-time high close to $20,000.
The number of daily active addresses essentially defines the number of unique “from” or “to” addresses being used in a single day, and doesn’t mean there are one million users transacting BTC per day.
How many people use the Bitcoin blockchain per day isn’t clear. While various companies in the cryptocurrency space have revealed they have millions of users, how many of these merely buy and hold coins is unclear.
While the number of unique daily active addresses seems to not show much at first, it indicates that most transactions in the cryptocurrency space aren’t just being made by large cryptocurrency exchanges, and that adoption is slowly growing.
Cryptocurrency researchers Kevin Rooke noticed the number of daily active bitcoin addresses surpassed the one million milestone, and noted that the last time it occurred BTC was trading at $9,350, with the median transaction fee being of $3.23, while the median transaction fee is now less than half of that.
When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.
Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.
— Kevin Rooke (@kerooke) June 15, 2019
Curiously, shortly after reaching the one million milestone, bitcoin’s price started rising, from $8,450 to a $9,300 high. At press time, CryptoCompare data shows the cryptocurrency’s price corrected, and is at little over $9,000.
As covered one of the factors behind the flagship cryptocurrency’s price rise could be Facebook’s entry into the crypto space. Jeremy Allaire, the CEO of Circle, noted yesterday he sees BTC surpass the $10,000 mark by June 21 because of it.