Bitcoin Drops to $27.5k as Number of BTC Addresses Reach All-Time High

Bitcoin, the biggest cryptocurrency, is experiencing a decline for the third day in a row, even as more people are becoming Bitcoin owners.

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Bitcoin’s price began to fall on May 6th, when it was valued at approximately $29,700. As the total value of the global cryptocurrency market decreased from around $1.2 trillion to $1.13 trillion at the time of writing, Bitcoin also experienced a decline for three consecutive days.

As per data, the value of bitcoin has decreased by 2% in the last 24 hours and is currently being traded at $27,575. Likewise, the total market value of bitcoin has also declined from $575 billion on May 6 to approximately $533 billion at the time of writing.

Bitcoin down to $27.5k while BTC addresses surge to new ATH - 1

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In addition, the drop in BTC price coincides with a new record being reached for the number of bitcoin addresses that hold a positive balance. The total has now reached 46,476,720 addresses, as reported by Glassnode.

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A recent report disclosed that an unexpected split occurred on the Bitcoin network on May 8, causing a chain fork. This resulted in approximately 10 BTC being spent twice, a situation known as double spending. The incident took place just a few hours before Binance, the largest cryptocurrency exchange, resumed bitcoin withdrawals. The network had experienced congestion, causing delays in transactions for about an hour prior to this.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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