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
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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.
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
Twitter: https://twitter.com/cryptoexpert20
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
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