- Bitcoin addresses with small balances have spiked to new ATH.
- This comes as the price of the cryptocurrency continued to show off more strength.
Bitcoin addresses have been increasing significantly since the cryptocurrency began surging in price in recent weeks. Recently, the number of whale addresses holding 1,000 BTC spiked to a new all-time high (ATH). Again, smaller addresses have also peaked at their highest point. Amidst the increase in wallet addresses, unconfirmed transactions on the Bitcoin network have surged, and it’s worrisome.
High demand for shot up Bitcoin addresses
To start with, there are currently more than 31 million Bitcoin addresses, most of which are in a state of profit. Recently information shared by Schultze-Kraft, the CTO of Glassnode, an on-chain analytics platform, shows that addresses holding at least $10, $100, $1,000 worth of Bitcoin have surged to their highest point ever. As of October 27, the number of Bitcoin addresses with at least $10 BTC spiked to an ATH of 17.6 million.
Number of #Bitcoin addresses holding at least…— Rafael Schultze-Kraft (@n3ocortex) October 27, 2020
…$10 worth of BTC: 17.6M ––– ATH
…$100 worth of BTC: 9.7M ––– ATH
…$1000 worth of BTC: 3.6M ––– ATH
Chart: https://t.co/QoWUS3bKYh pic.twitter.com/IKAGvcDNaB
Additionally, the addresses with $100 BTC spiked to the highest point of 9.7 million, likewise the $1000 BTC addresses at 3.6 million. The increase in the number of BTC addresses is one evidence to believe that there is a high demand for the cryptocurrency among the retail investors and deep-pocketed buys. Meanwhile, despite the number of addresses being known, it will be inaccurate to say that over 31 million people hold the crypto.
This is because a single entity or individual can own multiple Bitcoin addresses.
Unconfirmed BTC transactions
Following the increased activities in the Bitcoin network, the number of unconfirmed transactions has surged. Blockchain.com shows that it’s the highest level not seen for the past three years. Users now have to pay more priority fees for their transactions to be confirmed faster. This is similar to the congestion recently faced on Ethereum.
Due to the fuss in the decentralized finance market, the Ethereum network was clogged, forcing many users to pay more transaction fees.