The number of Bitcoin addresses with a balance of at least 1 BTC has hit a new all-time high, as data from the cryptocurrency’s blockchain shows nearly 800,000 addresses have said balance.

According to blockchain monitoring platform Glassnode, over 797,000 bitcoin addresses currently have a whole bitcoin in them. Its data shows that in late 2017, when the flagship cryptocurrency’s price hit a new all-time high close to $20,000, there were about 720,0’00 BTC addresses with a whole bitcoin in them.

As the cryptocurrency’s price crashed, holders seemingly moved their funds. A low of 690,000 addresses holding 1 BTC was seen later in 2018, before the number started growing again to hit a new all-time high this month.

Bitcoin wallets with over 1 BTCSource: Glassnode

In early 2017, little over 500,000 addresses had a whole bitcoin in them. The data appears to show bitcoin users are accumulating over time, seemingly unbothered by the volatility in the market, that saw BTC’s price drop from a $10,000 high this year to less than $4,000 earlier this month, before recovering back to $6,300.

It’s worth noting that one bitcoin address doesn’t necessarily mean one user. On the bitcoin blockchain one single user can create thousands of addresses, with some users creating a new address for every transaction to help maintain their anonymity.

Bitcoin’s use in commerce has also reportedly been growing, as Coinbase Commerce, the retailer payment portal of San Francisco-based cryptocurrency exchange Coinbase, has processed over $200 million worth of cryptocurrency transactions. Data from Glassnode further shows users have been withdrawing funds from cryptocurrency exchanges, presumably to hold until after the halving event, expected in May.

The event is seen as bullish by some, as other halving events saw BTC’s price surge as demand kept on rising while the supply decreased. Jihan Wu, co-founder of cryptocurrency mining hardware manufacturer Bitmain, has revealed he believes a bull run may not immediately follow the halving.

Users may also be withdrawing from exchanges as bitcoin’s features are standing out to investors at a time in which the COVID-19 pandemic has put the gold market under an unprecedented stress test.

Featured image via Unsplash.