Bitcoin (BTC) continues to trade below $55,000, while the number of wallets holding Bitcoin has reached an all-time high.
According to data provided by OKLink, the number of wallets has increased to 39.64 million as of November 26, 2021. On November 24, a new ATH was determined. Since the beginning of the year, wallets have increased by almost 20%. The metric points to a bullish outlook for Bitcoin, and investors are hoping the asset will increase in value after the recent all-time drop.
In particular, the number of Bitcoin wallets with a balance above zero in 2021 has increased with the price. However, the latest change indicates the possibility of the asset’s value continuing to rise, and the drop in price offers investors an opportunity to get involved.
Bitcoin maintains a market cap of $1 trillion. Interestingly, despite Bitcoin falling as low as $54,000, the leading cryptocurrency managed to keep its market cap above $1 trillion. The accumulation of wallets can also be attributed to various other aspects of Bitcoin in recent days. For example, in October the United States regulator stated that there are no plans to heavily regulate the crypto sector.
Also, Bitcoin is being increasingly adopted by institutions that see the asset as a store of value, in addition to gaining its legal status in El Salvador. Overall, crypto analysts continue to share a bullish outlook for Bitcoin targeting the $100,000 level. As previously reported, Bloomberg Intelligence chief commodity strategist Mike McGlone had predicted that the asset would be bullish in 2022.