Bitcoin network sees record-breaking user activity

Regarding the number of active users on the blockchain on Tuesday, the Bitcoin network registered a new all-time high.

After the leading cryptocurrency traded at $19,900 per coin on cryptocurrency exchanges worldwide, Bitcoin recently set a new all-time high price. The price spike on 1 December was the first time in three years that Bitcoin had set a new all-time high.

The influence of the current all-time high is beginning to have an impact on other cryptocurrency indicators. On Tuesday, the Bitcoin blockchain registered 432,451 active wallets, according to the network data provided by blockchain analytics company Glassnode. This means that in 24 hours, over 430,000 users actively used Bitcoin wallets to send or receive funds on the network.

The previous all-time high of 410,972, which was reached on 9 December 2017, was exceeded by the latest figure given by Glassnode. Stack co-founder Matthew Dibb pointed out that since the halving event in May, the number of active users on the Bitcoin network has risen. Overall, a significant increase in network adoption by participants is demonstrated by the growing number of active users.

On 11 May 2020, the cryptocurrency underwent its third mining reward halving case. The active entities on the network have risen by 70 percent over the last couple of months, while Bitcoin’s price has been increased by over 100 percent to almost $20,000 per coin.

Two days ago, before bulls got tired and pulled back for a bit, the leading cryptocurrency peaked at $19,920. However, the market has recovered, and at the time of this writing, Bitcoin was trading at $19,085 per coin, marking a rise of 3 percent over the past 24 hours.

While new all-time highs were reached by both the price and number of active users, they did not do so in the same fashion. Bitcoin’s price has soared over the past few weeks, registering huge growth as institutional entities joined the market.

Meanwhile, over the past few months, the number of active users on the network has risen gradually, indicating that the Bitcoin network has been increasing before the bull run, which implies that the cryptocurrency is experiencing a natural increase in acceptance.

Several analysts agree that a bullish sign is a rise in activity. The higher use of Bitcoin indicates more cryptocurrency demand, which inevitably drives the price higher. The number of active users on the network will increase over the coming weeks as Bitcoin gets ready to reach the $20,000 mark.

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