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5 Days in a Row: Addresses Holding 1 Million Cause Surge in BTC Network Activity

Due to the increasing number of active addresses holding 1 million in the Bitcoin Network, the biggest crypto currency is headed for a brand new all-time high.

The total number of addresses engaging on the Bitcoin (BTC) network on a daily basis has typically been a solid indicator of the cryptocurrency’s anticipated price fluctuations, with the price of Bitcoin (BTC) rising in response to a rise in the amount of addresses engaging on the system.

Santiment, the blockchain analytics company has pointed out that for 5 consecutive days, the amount of active addresses interacting in the Bitcoin (BTC) network has already surpassed 1 million. Santiment stresses that given the high number of addresses that have been interacting on the Bitcoin (BTC) network for the past 5 days without counting the weekends which are traditionally steadier, an all-time-high is to be expected soon enough. 

Also, as the Bitcoin (BTC) network has grown, new leading indicators for measuring the total performance of Bitcoin (BTC) have surfaced. One of these leading indicators, namely the Lightning Network has experienced a surge during the past days. 

The most recent information suggests that more than 9.2k nodes have already been added to the network in the first ten months of this year. At present, there are 11,464 LN nodes up and running in the network. 

What the Lightning Network does is allow for two parties to create a channel where they can push their settlements for later instead of doing them immediately, and it is a layer 2 scaling alternative that is built atop the foundation layer of Bitcoin (BTC). 

While Bitcoin (BTC) reached an all-time high of $66,800 two weeks ago, the price of the biggest cryptocurrency has still circled 60k with a few short dips just under the current price. At the time of writing, Bitcoin (BTC) was trading at $62,209. 

Also read: Binance’s European Cryptocurrency Ecosystem – $115 Million Investment in France

 

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