Bitcoin’s Active Addresses Reach New 2020 High

Latest Cryptocurrency News
Fri, 08/07/2020 - 15:56
Alex Dovbnya
Bitcoin recently saw its highest level of usage since the peak of the previous bull run
Bitcoin’s Active Addresses Reach New 2020 High
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As noted by technology researcher Kevin Rook, the Bitcoin network recorded 1,120,216 active addresses on Aug.6, 2020.

BTC
Image by @kerooke

This is the highest level of usage that the flagship cryptocurrency has seen since January 2018 when it was coming off its biggest bull run to date. That run ultimately took it to the all-time high of $20,000.

Bitcoin nearing its peak activity

Remarkably enough, Bitcoin updated its 2020 high in terms of active addresses less than two weeks after its previous peak of 1,083,981 active addresses.

Bitcoin broke the 1 mln milestone on Nov. 27, 2017, when it was changing hands at the $9,300 level.

At this rate, the leading cryptocurrency is not too far away from taking out the all-time high of 1,290,363 that was recorded on Dec. 14, 2017.

The most recent uptick in network usage came when BTC was vying to hit $12,000 once again after this price level was brutally rejected on Aug. 1.

Most of this growing activity can likely be attributed to retail investors given that the number of wallets that hold at least $10 worth of Bitcoin recently climbed to a new all-time high of 16.6 mln, according to CoinMetrics.

As reported by U.Today, Bitcoin whales are losing power, with holders who have less than 100 BTC in their coffers now accounting for more than half of the coin’s supply for the first time since April 2010.

Related Bitcoin’s Realized Value Touches New All-Time High: Data
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Bitcoin’s Realized Value Touches New All-Time High: Data

But...but...nobody uses it

One of the key arguments of Bitcoin’s naysayers is that the only use case of the top crypto by market cap is speculating on its volatility.

The fact that more than one million unique addresses use Bitcoin shows that there is real-world adoption going on behind the scenes.

Meanwhile, Ethereum, whose active addresses more than doubled in 2018, also recently reached its two-year high of 626,000 daily active addresses.

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.