The number of active bitcoin addresses exceeded 1 million, returning to the levels of the end of 2017
The number of active Bitcoin addresses on Monday reached 1.18 million, being at levels comparable to 2017. As noted by Ikigai Asset Management strategist Hans Hauge, citing data from Coin Metrics, this is the seventh largest value in the history of cryptocurrency..
The last jump in the number of active addresses was only 101,000 below the record 1.29 million recorded on December 14, 2017, three days before the price rise to $ 20,000.
“Why should you be interested in this? Because bitcoin is a network. In general, the more people use it (active addresses serve as a visual illustration), the more the network is worth, ”writes Hauge.
Despite the increased activity, fees on the Bitcoin network remain at moderate levels. According to BitInfoCharts, they are now $ 7, while in December they climbed to $ 55. Last but not least, this is facilitated by the recent decrease in mining difficulty by 16% and the subsequent jump in the hash rate, as a result of which the average block add time dropped below 9 minutes.
Coin Metrics data also indicates that as a result of the rise in the bitcoin rate to $ 16,000, over 98% of addresses were “in the black”, which is the largest value since December 2017.
“The high share of unspent profitable transaction exits potentially signals that the selling pressure is relatively small, as are the risks of surrender. On the other hand, this may indicate the upcoming fixation of profits by investors, which has become too high to miss, ”analysts explain..
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