Bitcoin’s Address Activity Was Only That High When Price Hit $20,000
According to cryptocurrency data provider Santimnet, the number of Bitcoin’s actively daily addresses has surged to 1.07 mln.
This is the highest point since Jan. 17, 2018, when Bitcoin was coming off the biggest crypto bubble to date.
Alex DovbnyaNotable growth milestones
As the graph shows, there is a direct correlation between Bitcoin’s price and the network activity of the flagship cryptocurrency.
On Dec. 14, 2017, daily active addresses reached their current peak of 1.28 mln that came just a few days before the BTC price hit its all-time high of $20,000.
On July 2, the number of newly created addresses also climbed to a two-year high of 22,391 based on its one-day moving average, according to Glassnode data.
These milestones are a fitting testament to the bulls’ narrative about growing demand for the world’s largest cryptocurrency.
Speaking of other notable trends in terms of on-chain activity, U.Today reported that more than 61 percent of all Bitcoin supply has remained dormant for the past year.
Hand in hand with Ethereum
As reported by U.Today, the Ethereum network also recently logged its most active day since May 2018.
Similarly to Bitcoin, Ethereum’s renaissance is yet to be reflected in its price action that has been rather stagnant for the past month.
Dan Burgin
Vladislav Sopov