Pascal Gauthier, CEO of hardware wallet provider Ledger, believes that people’s trust in Bitcoin is growing and this is driving up the price. The data available to Glassnode confirms his suspicions. This is because crypto prices are recovering after last week’s slump.

In an interview with CNBC at the Crypto Finance Conference in the Swiss city of St. Moritz, Gauthier said the situation that is emerging with Bitcoin (BTC) is no surprise. The trend of there being more and more private traders is clear and “always the same”, he said. He explained that there is a profound trend all over the world that more and more private traders are gaining confidence in Bitcoin and it is precisely these that are causing the price to rise again. The number of BTC addresses with a balance of more than zero is at an all-time high of almost 40 million.

This indicator is revealing and provides a status report in terms of bitcoin acceptance. More addresses mean that more users are joining the Bitcoin network. This signals that more and more private traders are entering the market.