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Bitcoin network notices record-breaking user activity

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Bitcoin network notices record-breaking user activity

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In terms of the number of active users on the blockchain on Tuesday, the Bitcoin network hit a record high

Bitcoin recently hit a record high, with the world’s largest cryptocurrency trading price being $ 19,900 per coin. The December 1 price spike marked the first time in three years that Bitcoin hit a record high.

The effects of the new all-time high are starting to affect other cryptocurrency indicators. According to network data from blockchain analytics firm Glassnode, the bitcoin blockchain had 432,451 active wallets on Tuesday. This means that more than 240,000 people are actively using Bitcoin wallets to send and receive money online within 24 hours.

Glassnode data indicates record high in Bitcoin network

The latest data from Glassnode surpassed the all-time high of 410,972 on December 9, 2017. Stack co-founder Matthew Dibb pointed out that since the beginning of the Bitcoin network, the number of active users on the Bitcoin network has increased. Halved in May. Overall, the increase in the number of active users indicates a significant increase in network acceptance by the participants.

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The cryptocurrency hosted the third event to halve the mining reward on May 11, 2020. Over the past few months, the active units on the network have increased by 70% while the price of Bitcoin has increased more than 100% and is approaching $ 20,000 per coin.

The leading cryptocurrency hit a high of $ 19,920 two days ago. After that, the cops were exhausted and withdrew for a while. However, the market has rebounded and at the time of this writing, Bitcoin is trading at $ 19,085 per coin, up 3% in the past 24 hours.

While the price and number of active users have hit record highs, they haven’t done so in the same way. In the past few weeks as institutional companies entered the market, the price of Bitcoin has skyrocketed and has seen tremendous growth. At the same time, the number of active users in the network has grown steadily over the past few months. This means that the Bitcoin network grew before the bull market, which means that the rate of adoption of cryptocurrencies is increasing naturally.

Several analysts believe that increased activity is a bullish sign. More bitcoin means more demand for cryptocurrencies, which ultimately drives up prices. As Bitcoin prepares to cross the $ 20,000 mark, the number of active users on the network may increase in the coming weeks.

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