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

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The largest cryptocurrency by market cap, bitcoin (BTC), is on a downward move for the third consecutive day despite the growing number of its holders.

Bitcoin’s price drop started on May 6, when the asset was trading at around $29,700. As the global crypto market cap started to fall from the $1.2 trillion mark to $1.13 trillion at the time of writing, the flagship digital currency also recorded its three-day consecutive decline.

According to crypto.news data, bitcoin is down by 2% in the past 24 hours and trading at $27,575 at the time of writing. Similarly, the asset’s market cap is also down from $575 billion on May 6, to roughly $533 billion at the time of writing.

Bitcoin down to $27.5k while BTC addresses surge to new ATH - 1
BTC price – May 9 | Source: TradingView.

Moreover, the fall of the BTC price comes as the number of non-zero bitcoin addresses just attained a new all-time high (ATH) of 46,476,720, according to data provided by Glassnode. 

On May 8, a report revealed that a sudden chain fork on the Bitcoin network resulted in the double spending of roughly 10 BTC. The unexpected split happened a few hours before the largest crypto exchange, Binance, re-opened bitcoin withdrawals after the network faced congestion for around one hour.

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