Bitcoin (BTC) Network Activity Prints Many Records, Glassnode Analysts Say

News
Thu, 07/02/2020 - 11:12
Vladislav Sopov
Despite the Bitcoin (BTC) price performance being ridiculosly boring as of late, trends in its network activity have gone through the roof, according to Glassnode
Cover image via stock.adobe.com
Contents

Rafael Schultze-Kraft, chief technical officer of Glassnode blockchain analytics vendor, unveiled that the Bitcoin (BTC) network is currently surprisingly active. Many on-chain metrics have broken above long-term highs.

Record levels of activity

According to Mr. Schultze-Kraft, the most splendid numbers are those of new address registration and the number of transactions.

Image via Twitter

The number of addresses created hourly has reached a two-year high, while the quantity of active addresses has surpassed a 1-year high. The latter measurement includes addresses that took part in at least one transaction during the period of analysis.

The hourly transaction count has blasted over the 'Xi spike' levels, thus, reaching a new ten-month high. Over 16 thousand transactions have been initiated hourly in the ongoing period of network activity spike.

Finally, the number of spent transaction outputs with a lifespan of less than 24h reached an all-time high. This indicator characterizes Bitcoin (BTC) network activity perfectly as the transaction outputs are used to keep the integrity of the blockchain.

Bullish or bearish?

While network activity measurements shouldn't be treated as clear bullish or bearish signs, other posts from Mr. Shultze-Kraft suggest that long-term Bitcoin (BTC) investors are treating the network processes as healthy and prospective.

Related
60% of Bitcoin (BTC) Supply Hasn't Moved in Over a Year, Glassnode Says

As covered by U.Today Crypto News, the Glassnode CTO unveiled that HODLers of the king coin are highly aggressive in adding new assets to their riches. 60% of Bitcoin (BTC) hasn't moved in a year.

Also, the number of coins that spent the past two and three years dormant, are also inching towards new all-time-highs.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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