Comparing different Bitcoin network statistics is always worthwhile. A bullish trend is worth taking into account when looking at the daily active addresses. It is a very prominent streak and one that may not end anytime soon either.
Bitcoin’s Daily Active Addresses Remain Above 1 Million
Figuring out how active the Bitcoin network is requires careful analysis. Different metrics often provide a unique tale, and putting the puzzle together can be difficult. One metric that is worth keeping an eye on is the number of daily active addresses. It pertains to both sending and receiving BTC transactions.
Throughout 2020, there has been an apparent uptake in daily active addresses for Bitcoin. An initial dip in March is standard, as COVID-19 made a significant impact on all markets. Ever since then, more and more people are using their addresses regularly.
Over the past 18 days, the average of daily active addresses sits above 1 million. That means more than 1 million bitcoin addresses send or receive funds every single day. A lot of these addresses relate to exchanges and other trading platforms. There are also mining pools, and individual miners record activity every day.
Regardless of what may trigger this activity, it represents positive momentum for Bitcoin. For years, there have been concerns about whether the network can support a million users every day. That concern can now be put to rest once and for all. Scaling beyond this limit, on the other hand, remains a different story.
Most Addresses Focus on Sending BTC
The team at Glassnode offers analytical tools to determine the current equation between senders and receivers. As of late, there is a strong presence by those who send Bitcoin to other users. Yesterday, over 638,000 daily active addresses have at least one outgoing transaction.
It is essential to note this figure represents unique addresses rather than transactions. Additionally, their transfer has to be non-zero. The overall value of Bitcoin seems to make more people eager to spend BTC. How they are spending their funds and on which products or services are impossible to determine.
From a neutral point of view, these statistics are very prominent for the world’s leading cryptocurrency. Noting healthy activity and many daily active addresses confirm the crypto asset is not in a bubble. It has real-world use for many people. That number of active users is likely to increase over the coming months and years.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com