Number of new Bitcoin addresses spikes amid growing FOMO

Published at: Nov. 19, 2020

As Bitcoin (BTC) hit a three-year high on Nov. 18, more people around the world have started moving into the world’s largest cryptocurrency, according to Glassnode data.

Glassnode, a major provider of cryptocurrency analytics data, recorded a major spike in the number of new Bitcoin addresses on Nov. 18.

According to Glassnode, the number of new BTC addresses registered per hour hit nearly 25,000 addresses for the first time since January 2018 — the month following Bitcoin’s all-time high of $20,000. The spike in new Bitcoin addresses is still quite far from the highs recorded in January 2018, when the number of new BTC addresses per hour during that month hit nearly 25,000. 

The number of new addresses in a 24-hour period saw an all-time high on Dec. 21, 2017, with more than 600,000 addresses made. 

The spike in new BTC addresses shows that people around the world are increasingly turning to Bitcoin amid a major crypto bull run. As reported by Cointelegraph, Bitcoin surged nearly 400% this year, growing from below $4,000 in January 2020 to over $18,000 on Nov. 18.

The growing prices have triggered more fear of missing out, driving crypto adoption at the highest pace over the past three years. The current adoption level is still apparently low, though. According to Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange Binance, the current adoption rate of crypto accounts for 0.1%, meaning that only one person out of 1,000 people owns crypto to date.

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