The number of active Bitcoin blockchain addresses reached 1.18 million similar to the explosive growth of bitcoin prices in 2017.

Why has the number of active Bitcoin addresses increased? 

  • 13 November 2020
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According to Minerland cryptocurrency cloud mining market news and analysis, On November 10, the number of active Bitcoin blockchain addresses reached 1.18 million. It is similar to the number we saw during the explosive growth of bitcoin prices in 2017.

Hans Hauge, a senior executive at Ikigai Asset Management Company, tweeted that a large number of Bitcoin addresses returned to the business on November 10. He wrote on citing data from CoinMetrics that the exact number is 1,188,873 units. It is the seventh-largest number in the history of Bitcoin’s active addresses. The number of sender addresses has reached the historical ceiling of 836,080 units.

What are the numbers of active Bitcoin addresses?

With this jump, the number of active Bitcoin addresses is only 101,000 units lower than its historical ceiling on December 14, 2017. At that time, just three days before the price of Bitcoin jumped to nearly $ 20,000, the number of active addresses reached 1.29 million. Hauge added that the number of Bitcoin sender addresses that day exceeded 836,000, setting a new record. It is not very unlikely; because one address can be sent to several bitcoin addresses.

Despite the increase in the number of active Bitcoin addresses, its transaction fees remain low. Although the transaction fee jumped earlier this month, the average is now $ 6.7. This number is much lower than the records in 2017. At the time, commissions had even reached $ 55 per transaction for a while.

What parameters have effects on bitcoin activities?

In addition to increasing the activity of users in the Bitcoin network, price jumps have made the portfolio of many holders of this digital currency rich. As of November 4, 98% of Bitcoin addresses were trading at $ 14,000, according to Coin Metrics. Now that the price of Bitcoin has crossed $ 15,200, the number of profitable addresses has probably reached 99%.

Coin Metrix wrote in his weekly email to his users about this. He said on November 4, the percentage of unspent outflows of Bitcoin transactions (UTXOs) that were in profit reached 98% for the first time since December 2017.

The higher the percentage of UTXOs in profits, the less likely it is that sales pressure will occur. This happens as the risk of liquidating assets decreases. But it should not be overlooked that the high percentage of UTXOs in profits can be a signal to investors. They want to use the opportunity to cash in on their assets and make a profit. In any case, these days, the parameters of the bitcoin network activity and its price are such that it has been less observed since the upward trend of 2017.

Is the number of rich bitcoin addresses increasing?

According to the Cointelegraph, and based on statistics provided by Willie Woo, the price of bitcoin and its increase in recent years has made many people rich. New statistics show that the number of addresses holding more than 1,000 bitcoins is growing at the same rate as in the years before 2014. Consider that this amount of bitcoin is currently $ 8.3 million.

2 responses to “Why has the number of active Bitcoin addresses increased? ”

  1. Herve Fodouop says:

    Good to know

  2. Yanga Jili says:

    Interesting information though

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