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【tinnitus from gunshot】Bitcoin Sees Record Number of Active Users as Price Almost Hits $20K

发帖时间:2024-10-04 04:31:53

As bitcoin continues to set new price highs,tinnitus from gunshot its network is also seeing record-breaking user activity.

As of Tuesday, there were 432,451 “active entities” – wallet clusters controlled by a single participant that sent or received funds in a 24-hour period. That’s an all-time high, according to data provided by blockchain analytics firm

【tinnitus from gunshot】Bitcoin Sees Record Number of Active Users as Price Almost Hits $20K


Glassnode

【tinnitus from gunshot】Bitcoin Sees Record Number of Active Users as Price Almost Hits $20K


. The previous peak of 410,972 was registered on Dec. 9, 2017.

【tinnitus from gunshot】Bitcoin Sees Record Number of Active Users as Price Almost Hits $20K


“The number of active entities has been increasing steadily since the halving and signifies a large increase in network adoption by participants,” said Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds.


Related:


Market Wrap: Bitcoin Flat at $19K While Ether Options Traders Bet Bearish on 2021


Bitcoin underwent its third mining


reward halving


on May 11 of this year. Since then, the number of active entities has increased by 70% and bitcoin’s price has more than doubled to nearly $20,000.


The cryptocurrency printed a record high of $19,920,53 on Tuesday before falling back. Bitcoin was


trading around


$19,130 at time of writing, representing a 1.7% gain on the day.


While bitcoin’s price gains have been relatively sharp over the past eight weeks, the number of active entities has charted relatively steady growth. “While the metric has breached highs not seen since 2017, it has done so gradually without ‘bubble-like’ growth,” Dibb told CoinDesk. “We take comfort in this when correlating address clusters with forward-looking price action.”


Analysts consider increased activity as a bullish sign. “When there’s greater usage, there’s more demand for the cryptocurrency, and that drives the price up,” Philip Gradwell, chief economist at blockchain intelligence firm Chainalysis, previously


told CoinDesk


.


Related:


Why Ethereum and Bitcoin Are Very Different Investments


Also read:


Missed the Bitcoin Rally? Here’s a Low-Risk Strategy to Ride the Bull Market


The number of active entities rose to multi-month highs in early September, despite the multi-week sideways price action in the range of $10,000 to $12,500, signaling a continued increase in adoption and warning of a price breakout. The rise in activity to record highs suggests bitcoin’s rally is sustainable.


“Our expectation is that this metric will continue to rapidly outpace previous highs as bitcoin breaches through $20,000,” Dibb said.


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Bitcoin Sees Record Number of Active Users as Price Almost Hits $20K


Bitcoin Sees Record Number of Active Users as Price Almost Hits $20K


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