Active Bitcoin Addresses Print Fresh Record High

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Wed, 01/06/2021 - 16:05
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Alex Dovbnya
The number of hourly active Bitcoin addresses has reached a new peak, according to Glassnode data
Active Bitcoin Addresses Print Fresh Record High
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Blockchain analytics firm Glassnode has noted that the number of hourly active Bitcoin addresses has eked out a fresh all-time high, eclipsing the peak that was recorded back in early January 2018.

Glassode
Image by @glassnode

Participation in the Bitcoin network has been steadily growing since the start of November when the cryptocurrency was trading just below $14,000.

Overall, active addresses more than doubled in 2020, according to a recent CoinMetrics report, while Bitcoin's active supply shrunk dramatically.

On Jan. 5, it logged 1.103 million active wallets. This is still slightly below its previous lifetime record that was set on Dec. 20, 2017 (1.119 million).

Overall, this is certainly a positive development for the flagship cryptocurrency since it means that more people are using it and adopting it at a fast clip.

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The retail crowd is coming back

The new network usage milestone comes amid an accelerating rally. As reported by U.Today, Bitcoin surpassed the $35,000 level for the first time earlier today.

With institutions already being onboard, retail investors that were unscathed by the bear market in 2018 are seemingly coming back around based on rising Google searches.

Google searches
Image by trends.google.com

   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.