The Bitcoin network posted a new all-time high in terms of the number of active users on the blockchain on Tuesday
Bitcoin recently set a new maximum price after the leading cryptocurrency traded at $ 19,900 per coin on cryptocurrency exchanges around the world. The December 1 price spike marked the first time in three years that Bitcoin hit a new all-time high.
The effect of the new all-time high is starting to affect other cryptocurrency metrics. According to network data from blockchain analytics firm Glassnode, the Bitcoin blockchain had 432,451 active wallets on Tuesday. This means that over 430,000 people were actively using Bitcoin wallets to send or receive money on the network within 24 hours.
The latest number provided by Glassnode surpassed the previous all-time high of 410,972, which was reached on December 9, 2017. Matthew Dibb, co-founder of Stack, pointed out that the number of active users on the Bitcoin network has increased since the halving event in May. Overall, the increasing number of active users shows a strong increase in network acceptance among the participants.
The cryptocurrency was halved for the third time on May 11, 2020. In the past few months, the active units on the network had increased by 70%, while the price of Bitcoin had increased by over 100% to almost $ 20,000 per coin.
The leading cryptocurrency hit a high of $ 19,920 two days ago before the bulls ran out and pulled back for a while. However, the market has rebounded and Bitcoin is trading at $ 19,085 per coin at the time of this report, representing a 3% growth over the past 24 hours.
While both the price and the number of active users have hit new highs, they haven’t done so in the same way. Bitcoin’s price had skyrocketed in the past few weeks and saw massive growth as institutional units entered the market. Meanwhile, the number of active users on the network has steadily increased over the past few months, which means that the Bitcoin network has grown before the bull run, which means that the cryptocurrency is seeing a natural surge in adoption.
Several analysts believe an increase in activity is a bullish sign. The increased use of bitcoin means greater demand for cryptocurrency, which ultimately drives up the price. If Bitcoin is ready to cross the $ 20,000 mark, the number of active users on the network could increase in the coming weeks.