BTC Addresses Reach Record High as Bitcoin Drops to $27.5K

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

Bitcoin’s price decline began on May 6, when the asset was trading at around $29,700. With the global cryptocurrency market cap starting to drop from $1.2 trillion to $1.13 trillion at the time of writing, the major digital currency has also recorded its decline for three consecutive days.

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

Moreover, the BTC price drop comes as the number of non-zero bitcoin addresses reached 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 fork in a chain on the Bitcoin network doubled spending by nearly 10 BTC. The unexpected fork occurred just hours before the largest crypto exchange, Binance, reopened bitcoin withdrawals after the network experienced congestion for about an hour.