Bitcoin breaks through record with 40 million people holding the first cryptocurrency
Bitcoin price raked in $45,000 as it rose above a nearly three-month-long resistance line on the brink of a potential breakout. At the time of writing, BTC is changing hands at $44,251.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price crosses $45,000
Cryptocurrencies had gone green, especially since this Tuesday when Do Kwon, the founder of Terra, started buying BTC to support Luna’s UST stablecoin. He bought another $125 million earlier today, with such dates running until April 7.
The cryptocurrency has turned bullish, as can be seen on the hourly chart as it retested the $39,000 iron support presumably last week to let go and move up finally. The big question now is where it can go. Our long-standing target of $80,000 is based on purely hypothetical wave theory.
According to IntoTheBlock, Bitcoin just celebrated another major milestone of 40 million on-chain holders. The total number of addresses holding any amount of BTC only reached 40.2 million.
“40M+ Holders – For the first time, the number of addresses holding #Bitcoin has surpassed 40 million. After dropping in February, the number of addresses holding Bitcoin has continued to grow and set new highs. This points to growing interest and adoption for Bitcoin”, IntoTheBlock reported.
Despite the drop in the number of addresses in February, the number of Bitcoin addresses has returned to a growth path and set new highs since the beginning of the year. The increase in the number of addresses correlates with the growing demand and Bitcoin adoption rate.
According to the chart provided, the growth rate of the number of wallets and addresses correlates with the price of the first cryptocurrency. The spike in opened addresses came after Bitcoin entered an ascending range.
While the institutional adoption rate peaked in 2021 and significantly decreased in 2022, companies like Goldman Sachs have accelerated the adoption of cryptocurrencies and digital assets by presenting new exposure methods for their customers.
Besides support from institutional investors, Bitcoin also faces growing support from significant crypto investors. Previously, Terra Network announced that it would actively buy BTC in bulk ($125 million per day) over the next three months.
The network’s desire to do so has been confirmed by the chain’s history as the wallet owned by Terra is now worth close to $1 billion and buys around 3,000 BTC a day as of March 20.
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