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1,000,000+ Bitcoin (BTC) Addresses Were Active Within 24 Hours for 23 Days This Summer. Is That a Lot?

Bitcoin (BTC) network has not been so active since the days of the ATH of the flagship cryptocurrency. Here's one more metric that demonstrates this

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The global Bitcoin (BTC) community has only a few hours left until the close of Aug. 2020. It has the chance to become one of the highest monthly closes in Bitcoin's (BTC) entire history. But for what it's worth, Bitcoin (BTC) network activity has already revisited some highs during this bullish summer of 2020.

So many active Bitcoin (BTC) addresses

Independent cryptocurrencies researcher Kevin Rooke has noticed an interesting metric that showcases the upsurge in Bitcoin (BTC) network activity. Displaying statistics by on-chain data vendor Coinmetrics, he showed how many Bitcoin (BTC) wallets were active within 24 hours during the last few months.

A Bitcoin (BTC) address (wallet) should send or receive at least one transaction within one calendar day to be included in this calculation. Mr. Rooke counted the quantity of days when more than 1,000,000 Bitcoin (BTC) addresses took part in a confirmed transaction.

Given the high "entry level," the last five years in Bitcoin (BTC) history have showcased only three massive spikes of this metric. The first one accompanied the over-bullish winter of 2017-2018, while the second occurred amidst the short Bitcoin (BTC) rally of Summer 2019. However, the second one consisted of three days only.

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The third spike of this metric explored by Mr. Rooke began in May 2020. It looks like the number of days with 1,000,000+ daily active Bitcoin (BTC) addresses demonstrates sustainable growth during Q2-Q3, 2020. One of three days in Bitcoin's (BTC) history when 1,000,000+ addresses were active was this summer.

Only two months (December 2017 and January 2018) registered more days with this metric over 1,000,000 than August 2020.

Waiting for second highest monthly close

Should Bitcoin (BTC) manage to stay above $11,600, that would mean its second highest monthly close ever. Also, some traders noticed that on the two-month time frame, tonight's close has a chance to become the second highest in Bitcoin (BTC) history.

Many experts and researchers claimed this summer that the fundamentals of the Bitcoin (BTC) network have never been so healthy. For instance, Rafael Shultze-Kraft, Chief Technical Officer of Coinmetrics competitor Glassnode, stressed several times the aggression of long-term hodlers.

👉 MUST READ Bitcoin (BTC) Price Trend Remains Bullish, Hashrate Skyrockets: Glassnode Analystsrelated article image

As covered by CryptoComes previously, he showcases the increase in dormant Bitcoin (BTC) ration in its total supply. A massive amount of Bitcoin (BTC) has not moved for 1-2 years, so, the upsurge of network activity does not affect the sentiment of long-term holders.

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Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)