The recent weeks have seen little action in terms of price volatility on the Bitcoin network. However, the perception for seemingly uneventful cryptocurrency situation has been shaken last week, after Bitcoin marked new hights on the number of metrics, such as active addresses, newly created addresses, including hourly transaction heights and hourly spent outputs.
The data has been shared by the chief technical officer in Glassnode Rafel Schultze-Kraft on his Twitter feed.
Bitcoin hasn’t registered that high number of new or active accounts since the rally in 2017. Ever since the drop in early 2018, the number of daily new addresses has been rising from the low-point of 195,000 to today’s 450,000. In the same period, daily active addresses have multiplied almost three-fold from 423,000 to the current 1.08 million.
The coalescence of the increasing new addresses and the spike inactive ones and the increase in the hourly transaction counts is welcomed news. Especially considering the low price volatility of Bitcoin in the past two months, which let some analysts to characterize the period for the cryptocurrency as “boring”.
A few days ago, on July 1, the Bitcoin mining difficulty experienced minimal changes, effectively the lowest change in 10 years. In terms of social engagement, the last week registered a slight increase in Bitcoin-related posts across the social platforms, reaching 927,000 posts. Despite the relatively flat social engagement for the current year, the price of the cryptocurrency experienced significant gains in January and April.
