The number of addresses on the network making daily transactions has increased to a new high since the start of January 2021, amid a rapid rise in the value of bitcoin.
A report from the LongHash team (using data from CoinMetrics) says that after the VTC surpassed $37,000, network activity became record-breaking.
For example, 1.34 million wallets made transactions on January 6 alone. This broke the record of 14 December 2017, when the number of active addresses was around 1.29 million, the researchers stressed.
Bitcoin is currently trading just below $38,000. The coin has failed to hold above $42,000, although it still stands a chance of reaching the $50,000 mark. This is according to a January investor note from Bloomberg.
More investors are showing interest in the cryptocurrency. According to Glassnode, BTC accumulation has continued over the past few months.
Large investors, often referred to as „whales“, are showing the most activity. The number of bitcoin addresses containing at least a thousand coins reached a new high of 2,401 on 10 January 2021, analysts said.