Bitcoin continues to attract trader activity, generating a crush of new wallets. Since August 1, the number of blockchain wallets has increased by 766,649, rising to an all-time high of 27,807,578 as of today.
The steady increase is occurring despite market volatility and the year-long bear market, indicating that Bitcoin is attracting a growing pool of cryptocurrency enthusiasts.
In addition to the increase in wallets, cryptocurrency exchanges, which often interactive with Bitcoin wallets as traders move the digital asset from a wallet to an exchange, are showing substantial profits. Bloomberg reports that the trading fees generated by the largest crypto exchanges topped $1.8 billion last year, or roughly 8% of the revenue generated by traditional exchanges, according to analysts at Sanford C. Bernstein & Co.
Binance, one of the world’s leading crypto exchanges, estimates that its annual net profit this year could reach $1 billion.
BitMEX set a Bitcoin trading record three weeks ago when it cracked $8 billion in daily volume.
A new BitMEX (and industry) record: 1,000,000 XBT (> $8BN) traded in the last 24 hours!
— BitMEX (@BitMEXdotcom) July 25, 2018
Fintech firms Robinhood and Square, along with Coinbase, Kraken, Bittrex and others have been building up new infrastructure and expanding their businesses to meet the challenges of processing bigger volumes.