Glassnode found that Bitcoin’s on-chain activity hit a new all-time high with over 22.3 million addresses sent or received to BTC in January
January 2021 was a record month for the price of bitcoin as well as network activity. The largest cryptocurrency by market cap exceeded 22.3 million unique addresses that are actively sending or receiving BTC during the month.
The milestone was first spotted by the crypto market data aggregator Glassnode, which posted a tweet about this historic event:
# Bitcoin network activity at ATH.
In January, more than 22.3 million unique addresses were active on the network sending or receiving BTC – the highest monthly number in Bitcoin’s history to date
Diagram: https://t.co/yPPOix0KFx pic.twitter.com/yjWwYbRC98
– glassnode (@glassnode) February 1, 2021
Despite the increase in unique active wallets holding Bitcoin, Glassnode also noted that the number of “active units” on the Bitcoin network has decreased significantly since BTC hit new highs in early January. Glassnode stated that, by definition, an entity is “a cluster of addresses controlled by the same network user”.
Bitcoin trading volume was also the subject of news in January as it hit record levels. Bitcoin’s surge past the $ 30,000 mark last month to hit an all-time high of $ 42,000 on January 8th was the period of significant volume spike. However, since BTC entered a three-week consolidation period, the volume has declined.
BTC / USD daily chart. Source: TradingView
The US-based exchange Kraken announced on Feb.2 that it processed more transaction volumes in January 2021 than in all of 2019, with $ 56 billion worth of assets moving on the platform last month.
Numerous crypto exchanges experienced outages this month, mainly due to the massive spike in volume that led to the crash. Kraken and Coinbase, market leaders in crypto exchanges, have announced that they will take certain steps to prevent future outages in the event of a massive increase in traffic and volume.