The number of active entities in the bitcoin network has updated the maximum along with the growth of the rate
The rise in the price of bitcoin occurs simultaneously with the setting of records for other parameters. So, on Tuesday, the number of “active entities”, that is, clusters of addresses controlled by one participant, used to send or receive funds during the last 24 hours, reached a record 432,451. The previous peak was recorded on December 9, 2017 at around 410,972, according to data from the analytical company Glassnode.
“The number of active entities has grown steadily since the halving and is indicative of a significant increase in network penetration among members,” said Stack co-founder Matthew Dibb.
Since the halving on May 11 this year, the number of active entities has grown by 70%. The rise in recent weeks has not been as explosive as the rise in the price of bitcoin.
“Although the metric has overcome heights that we have not seen since 2017, it did so gradually, without becoming a bubble. We are pleased with this when we compare the correlation of address clusters and the prospective rate growth, ”added Dibb..
Analysts consider the observed dynamics to be bullish. “When adoption rises, so does demand for cryptocurrency, which drives up prices,” said Philip Gradwell, senior economist at Chainalysis..
The number of active formations climbed to a multi-month high in September, despite maintaining the price range of $ 10,000 – 12,500 for several weeks. Subsequently, the price made a breakout and rose to the $ 20,000 level. The continued growth of active formations indicates the stability of the rally.
“We expect this metric to continue to skyrocket previous highs as Bitcoin breaks through $ 20,000,” Dibb said..
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