Bitcoin network sees record-breaking user activity
The Bitcoin network recorded a new all-time high in terms of the number of active users on the blockchain on Tuesday
Bitcoin recently set a new all-time high price after the leading cryptocurrency traded at $19,900 per coin on cryptocurrency exchanges worldwide. The price surge on 1 December was the first time Bitcoin set a new all-time high in three years.
The effect of the new all-time high is starting to affect other metrics of the cryptocurrency. According to the network data provided by blockchain analytics firm Glassnode, the Bitcoin blockchain recorded 432,451 active wallets on Tuesday. This means that over 430,000 people were actively using Bitcoin wallets to send or receive funds on the network within the space of 24 hours.
The latest figure provided by Glassnode surpassed the previous all-time high of 410,972, which was achieved on 9 December 2017. Matthew Dibb, the co-founder of Stack, pointed out that the number of active users on the Bitcoin network has increased since the halving event in May. Overall, the rising number of active users shows a large increase in network adoption by participants.
The cryptocurrency underwent its third mining reward halving event on 11 May 2020. Over the last couple of months, the active entities on the network had gone up by 70%, while Bitcoin’s price is up by over 100% to nearly $20,000 per coin.
The leading cryptocurrency peaked at $19,920 two days ago before bulls got exhausted and pulled back for a while. However, the market has recovered, and Bitcoin is trading at $19,085 per coin at the time of this report, representing a 3% growth over the past 24 hours.
Although both the price and number of active users have set new all-time highs, they didn’t do so in the same fashion. Over the past few weeks, Bitcoin’s price had exploded, recording massive growth as institutional entities entered the market. Meanwhile, the number of active users on the network has been growing steadily over the past few months, hence, implying that the Bitcoin network has been growing before the bull run, meaning that the cryptocurrency is experiencing a natural rise in adoption.
Several analysts believe that an increase in activity is a bullish sign. The greater usage of Bitcoin means more demand for the cryptocurrency, which ultimately pushes the price higher. As Bitcoin gets ready to surpass the $20,000 mark, the number of active users on the network might increase over the coming weeks.
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Hassan Maishera, @KhareemSudlow