The Bitcoin network continues to witness an eye-popping activity on its blockchain despite high volatility in Q2, after the asset sharply declined from its all-time high set in April 2021.

Data compiled by Blockchain Centre uncovered a stunning finding — as many as 488,206 new Bitcoin addresses were created daily in the first half of 2021, totaling 88,365,209 new addresses for the whole period.

“Privacy reasons, together with the ever-increasing adoption rate of decentralized finance, are the main forces behind the surprising number of new Bitcoin addresses,” says Tadas Maurukas, CEO of Blockchain Centre.

Blockchain Center researchers extracted the information for the report from Glassnode Studio, a gateway to on-chain data for the most popular blockchain platforms.

Diving into the analysis, January 2021 has the highest number of newly generated BTC addresses per day at 551,132. The total for the month reaches a never-before-seen height of 17,085,095 unique addresses.  

As the data indicates, June 2021 sits on the other side of the spectrum, with the lowest number of newly created addresses for the period at 370,269 per day. Nonetheless, the total average volume of new addresses for the period under review is still substantial at 11,108,070 for the month. 

A glance at the chart reveals that the volume of daily new addresses kept decreasing on a monthly basis. On average, daily new addresses decreased 7.49% per month in the first half of the year. The most significant drops were from April to May 2021, at -12.04%, and from May to June 2021, at -15.19%.

Even with the volume of new addresses slightly decreasing in the past months, millions of new addresses still confirm that the global adoption of digital currencies is at an all-time high.