Bitcoin Shift Is Underway: Massive Increase In Transactions Tracked
Amidst the global crisis triggered by the coronavirus pandemic, more and more individuals are turning their eyes to the crypto industry.
Despite the recent fall in the crypto market, it seems that the interest in Bitcoin is still on the rise, and the king coin is still seen as a safe haven.
Glassnode blockchain data provider said that it’s tracking a massive increase in BTC transactions following the Black Thursday in March when BTC fell below $4,000.
In a newsletter that’s been published on April 23rd, Glassnode revealed that BTC has been seeing an increase in activities over the past month.
“On-chain fundamentals show that active BTC addresses increased by 8.93% in the last week and by 19.47% in the last month. Transaction counts are up by 5.10% over the last week and 14.74% in the last month,” according to the notes quoted by the online publication the Daily Hodl.
The number of BTC active addresses is on the rise
It also seems that the number of active addresses on the BTC network also jumped to levels that have not been seen since July 2019.
Glassnode said the numbers are showing the fact that there are definitely lots of new investors who are exploring the crypto market even after the crash.
“This represents not only a recovery to pre-crash levels, but also a significant increase in activity as compared to the start of 2020. This spike in activity is to be expected due to the upcoming halving, as well as a revival in widespread retail interest in bitcoin,” Glassnode said.
We recommend that you check out their complete notes in order to learn more.
Optimistic BTC predictions ahead of the halving
There are various bullish BTC predictions these days ahead of the halving. For instance, we’ve addressed one of them earlier today.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.