Bitcoin, Ethereum wallets with at least 0.01 BTC, ETH balance hit all-time high

Overall, the number of non-zero addresses, which contain some amount of the primary cryptocurrency, also reached an all-time high of 40,276,163 from the previous all-time high of 40,275,801 on February 5, 2022.

Written by Sandeep Soni

February 28, 2022 16:23 IST

Bitcoin had declined to nearly $37,300 during wee hours on Monday while Ethereum had dropped from $2,848 on Sunday around 3 AM to $2,629 at the time of filing this report. (Image: pexels)

Crypto hodlers are continuing to buy the dip even as BTC price had temporarily recovered to $40,000 on Saturday morning before slipping back into the red zone. The number of bitcoin wallet addresses with a balance of at least 0.01 BTC (around $382) reached an all-time high of 9,546,012 (9.54 million) on Monday. Similarly, addresses with at least 0.1 BTC (around $3,825) also hit 3.34 million for the first time in history, according to the data tweeted by the on-chain alert account of market intelligence company Glassnode.

“The number of addresses holding at least 0.1 BTC grew by nearly 45,000 addresses in February. However, we’ve seen a small, but growing accumulation of BTC over the past few months. Since November 2021, addresses holding at least 0.1 BTC grew by 98,000,” Darshan Bathija, CEO & Co-Founder, Vauld told Financial Express Online.

The reason for this jump is two-fold, said Bathija. Firstly, the falling price of Bitcoin, especially after reaching an all-time high in November, is resulting in a buying opportunity for retail investors. Secondly, a host of macroeconomic issues, from the US Federal Reserve looking to increase interest rates to the ongoing military conflict in Russia and Ukraine, is shifting the attention to BTC as a store of value.

Also read: Ukraine govt gets $14 million in crypto donations so far after its plea for fund support: Report

For Ethereum too, the number of wallet addresses holding at least 0.01 ETH (around $26.54) and 0.1 ETH (approximately $265) reached all-time highs of 21,929,193 and 6,960,421 respectively on Monday afternoon, as per data tweeted by glassnode alerts.

“Downfall in price giving the opportunity to buy more is less of the actual reason for this. The main reason is your knowledge that you don’t want to sell it for a long time and so better to keep it in your custody,” Kumar Gaurav, Founder & CEO, Cashaa told Financial Express Online.

Bitcoin had declined to nearly $37,300 during wee hours on Monday while Ethereum had dropped from $2,848 on Sunday around 3 AM to $2,629 at the time of filing this report, as per data from CoinMarketCap.com. Most of the cryptos had remained in red such as BNB, XRP, Solana, Avalanche in the past seven days.

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This article was first uploaded on February twenty-eight, twenty twenty-two, at twenty-three minutes past four in the afternoon.