Bitcoin ‘Active Entities’ at Highest Since 2017 Bull Run

An on-chain metric suggests the Bitcoin network is garnering users despite the cryptocurrency’s extended period of comatose price action.

 The seven-day moving average of Bitcoin's "active entities" rose to 305,355 on Tuesday to hit the highest level since Dec. 23, 2017, according to blockchain analytics firm Glassnode.
The previous 1.5-year high of 301,870 was reached on May 12.
The average has risen by 14% this month.
Glassnode defines active entities as a "cluster of addresses controlled by the same network entity."
 This would include both businesses like exchanges and custodians and individuals.
The rise suggests that the number of users of the network is the highest since the cryptocurrency topped out at $20,000 in December 2017.


 Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds, told CoinDesk the climbing metric is the result of the DeFi frenzy spilling over onto bitcoin.
The surge in active entities also suggests users are anticipating an uptick in bitcoin’s price volatility, he added.
While user numbers may be up, bitcoin's network activity is not at similar highs.
The seven-day moving average of bitcoin’s transaction count has increased by 23% over the past four months, but is well below the 2020 high registered on March 5.
Bitcoin is stuck in the narrow range of $9,400 to $9,000 for the fourth straight week, according to CoinDesk's Bitcoin Price Index.

read the full topic at
https://www.coindesk.com/bitcoin-active-entities-at-highest-since-2017-bull-run
Follow me on
Linkedin: https://www.linkedin.com/in/crypto-expert20

If you wont me to post your cryptocurrency article on my blog From the link
https://www.fiverr.com/cryptoexpert20/post-your-cryptocurrency-article-on-my-blog

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more