There are currently over 900,000 active addresses in a 7 day range.
The milestone coincides with a Bitcoin price that is similar to the beginning of 2018.
Amid expectations of the proximity of the third party cut in half, and the price of BTC again exceeded $ 10,000. The number of active Bitcoin addresses has returned to a level that has not been reached since the beginning of 2018. At that point, the price of Bitcoin came from its biggest upward trend, approaching $ 20,000.
In the past week, the number of active addresses has exceeded 940,000 and has returned to a level that has not been reached since the end of January this yearAccording to a report by the analysis company Glassnode, which was released this Thursday, May 7th. The company itself explains that this metric uses the active Bitcoin addresses within a week as the sender or recipient of a transaction in the network as a reference.
Before that, there was a near climax in the last week of June 2019. On this climb, the active directions did not reach 940,000. According to Glassnode records, the all-time high for active addresses in one week was exactly at the peak of the bull run in 2017 with a Bitcoin price of over $ 19,000.
In the third week of December this year, there were more than 1,190,000 addresses that sent or received a transaction. In contrast, the lowest point of active addresses has been recorded since October 2016 in April 2018, the last time the number was below 530,000.
Glassnode emphasized in the same report that The number of new addresses this past week also reached the level of January 2018. According to this company, there were more than 450,000 new addresses during the week. That is, addresses that were first displayed in a transaction on the Bitcoin network.
Increased activity in the Bitcoin network
The more addresses are active in the network, the more Bitcoin users there may be. However, this is not necessarily the case. On the one hand, bureau de change offices use multiple addresses to manage their money, while private users usually have more than one address for security and privacy reasons.
I mean The number of addresses is not necessarily comparable to the number of users. In addition, creating an address in Bitcoin, as defined in the CryptoNews dictionary, is not only easy, but also free of charge.
What is true is that the network has experienced a higher level of activity in the past few weeks. As this newspaper reported on May 1st, Bitcoin’s network was overloaded with outstanding transactions at a level that had not been reached since at least December last year.
For some, this was due to the recovery in BTC purchases before cut in half. The expectation that comes from reducing the rewards for miners seems to affect not only the price of Bitcoin, but also the activities on its network.