Number of New Bitcoin Addresses Hits a New Low

Crypto analyst takes a look at the downward trajectory of the digital asset.

Number of New Bitcoin Addresses Hits a New Low

It is neither a secret nor a surprise at this point that the recent few months have not been generous towards the biggest crypto asset, falling from its all-time high last year to less than a half of that price nowadays.

What is more, crypto analyst Ali Martinez has published a tweet tracking the number of new Bitcoin addresses created since November. The data shows that there has been a significant decline over the past few months, followed by a sudden plummeting downfall on May 23.

Martines states that the average number of wallets created on May 24 was 376,488, which compared to November numbers of over 450,000 on average is a significant drop and shows a decline of approximately 11.41%.

Moreover, Martinez also notes that “23 Bitcoin whales have left the network or distributed their holdings over the past ten days.” A Bitcoin whale is someone who holds 1,000 or more BTC, and their number went from 2,280 in April to 2,203 in May.

Bitcoin is currently trading at $28,997.76. Its market capitalization stands at $548.30 billion at the time of speaking. Compared to $1.23 trillion from last November it is apparent that it does not enjoy the best of times. Many still hope though, that this is just the calm before the storm again.

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