Bitcoin Passes 1 Million Daily Active AddressesRyan Tucker
One of the key factors behind judging Bitcoin’s continued popularity is the number of addresses that are active in using or trading Bitcoin. Today that number stands at over one million, a figure that was first reached in November 2017 but that hasn’t been broached since then. That’s nearly double the number of daily active users at the beginning of 2019, which is a good sign that Bitcoin’s popularity is increasing.
Figures on Bitcoin’s daily active users have been rising slowly but steadily all year. With over 32 million Bitcoin addresses in existence by the end of last year, one million daily active users means that about 3% of Bitcoin users engage in transactions every day. Compare that figure to the more than 360 million open credit card accounts in the US and you see that Bitcoin still has a long ways to go to catch up to mainstream payment methods. But it’s getting there slowly but surely.
Along with the uptick in daily users has come a significant increase in Bitcoin’s price. Bitcoin has nearly tripled in price from the lows experienced earlier this year, and with that exponential price growth has come renewed interest from individual users and investors as well as financial institutions.
All of this bodes well for Bitcoin’s future, as there is no indication that Bitcoin use will decrease anytime soon. Especially given the uncertain future for stocks, the likelihood of further Federal Reserve monetary easing, and the deepening trade war between China and the United States, the stage is being set for a major breakout for Bitcoin.
Those who stayed the course even after a rough 2018, and who continued to invest in Bitcoin because of its long-term disruptive potential, are reaping the benefits right now. And with more room to run in the future, Bitcoin remains one of the brightest outlooks for investors for the foreseeable future.