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

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Thu, 07/02/2020 - 11:12
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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
Bitcoin (BTC) Network Activity Prints Many Records, Glassnode Analysts Say
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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.

Glassnode analysts claim Bitcoin (BTC) network activity is very high
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
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.

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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.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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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.)