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Bitcoin’s Address Activity Was Only That High When Price Hit $20,000

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Fri, 07/03/2020 - 06:00
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Alex Dovbnya
The number of daily active Bitcoin addresses surges to a two-year high
Bitcoin’s Address Activity Was Only That High When Price Hit $20,000
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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. 

Bitcoin Price
image by app.santiment.net/studio

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Notable 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.  

Related
Ethereum Outpaces Altcoins When It Comes to Daily Active Addresses

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. 

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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.