Glassnode noticed much more network activity BTC. There are many indications that the community Bitcoin getting ready for Halvingwhich is expected to take place on May 12. Recently, such large movements were visible in 2017 at the top of the speculative bubble when cryptocurrency it cost about USD 20,000.
BTC network activity is increasing
Overall activity in the Bitcoin network is not so high anymore, but it has also recently increased in preparation for the third halvingu kryptowalutywhich is to take place in a few days. Network analysis shows that many addresses are now much more active than they have been in recent years. Their owners send and receive coins much more often than they have done since the last bubble.
Glassnode noticed this in a recent tweet. We learned from it that currently the network is breaking records in terms of activity:
“The number of active entities in the Bitcoin network is the highest since the BTC bubble in 2017.”
– glassnode (@glassnode) May 6, 2020
Glassnode defines “entities” in its publication:
“Entities are defined as an address cluster that is controlled by the same network entity and is estimated using advanced heuristics and proprietary Glassnode clustering algorithms.”
Measurement of network activity
The above method is usually used to measure Bitcoin network activity. Last year, the network recorded the largest number of active entities when the price of cryptocurrency increased to USD 14,000. Now – despite the fact that today the price is “only” around USD 10,000 – this value has now exceeded this level and is approaching the number that could be seen in 2017 when BTC cost around USD 20,000.
Glassnode also reports that the number of active addresses increased to 937 904. This is not too far from the 2018 peak when this value was 1,190,302 active addresses.
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