Bitcoin Holders Surpass 40 Million For The First Time: What's Driving User Interest?

The number of Bitcoin BTC/USD holders reached a new all-time high this week.

What Happened: According to data from IntoTheBlock, the number of addresses holding Bitcoin reached 40.25 million on March 24.

“After dropping in February, the number of addresses holding Bitcoin has continued to grow and set new highs,” stated the blockchain analytics firm’s Head of Research Lucas Outumuro.

“This points to growing interest and adoption for Bitcoin.”

According to data from Benzinga Pro, the leading digital asset breached the $47,000 mark for the first time since January, surging 5% in the last 24 hours to an intra-day high of $47,245. The coin’s trading volume was up by 90% in the last day and exceeded $33.9 billion on Monday morning.

On-chain analyst Will Woo attributed the positive price action to “fundamental buying pressure” that he believes has climbed into the bull market territory.