The number of daily active bitcoin addresses exceeds the level of 1 million active addresses
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Answer The number of daily active bitcoin addresses exceeds the level of 1 million active addresses
Historically, the total number of daily active bitcoin addresses interacting on the bitcoin network is a clear indication to investors about the digital currency’s potential price movement.
In addition, the huge jump in the number had a positive effect on the price of Bitcoin.
According to show Santiment platform:
This week, the total active Bitcoin addresses on the network remained above the 1 million mark for the fifth consecutive day.
Bitcoin had 5 consecutive days (excluding historically slow weekends) over 1 million active addresses interacting on the Bitcoin network.
This rally is an encouraging sign that another all-time high could inevitably be tested.Read:A digital currency rises by 930% in less than two months…. The story is here
In addition, other major indicators of the general health of the Bitcoin network, including the Bitcoin “lightening” network, have shown steady growth in the past few days.
During the first 10 months of 2021, approximately 9.2 thousand nodes were added to the network.
As indicated by Glassnode:
The Bitcoin (BTC) Lightning Network continues to grow.
About 9.2 thousand new nodes were added to the network in 2021 alone.
This growth rate is 111% in operating devices to date.
The network currently has 11,464 LN nodes online.
Bitcoin breaking records:
After bitcoin touched an all-time high of $66,800 on October 20, bitcoin has stayed above the $60,000 price level for most of the past days.
The cryptocurrency is currently trading above $62,000 and the coin is looking to hit another all-time high of over $67,000.
The recent increase in the activity of the Bitcoin network supports the upward momentum in the price of Bitcoin.
Glassnode added in its statement:
Since the bull run broke out in the spring of 2021, margin crypto futures have been on the decline, dropping from an average of around 66-69% to 46% today.Read:Officially … the use of blockchain in the European Football Championship 2020
This means that more than half (54%) of futures contracts are currently tied up in cash or cash equivalents, reducing the effects of compound volatility.
In the past days, we reported on Bitcoin Arab about a jump of nearly 8% in the difficulty of mining Bitcoin.
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