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- Bitcoin network activity has achieved a new all-time high with more than $22 million active wallet addresses
- The increase in demand for the token is the reason behind the new ATH
- The supply stored in crypto exchange has decreased, whereas the total volume address has increased
Bitcoin remained highly volatile last month after performing tremendously. It is observed that the volatility of the token has created a new all-time high record. The latest statistics shared by Glassnode
has revealed that last month more than 22.3 million new wallet addresses were active in the Bitcoin network. It is also found that the monthly number of active wallets is the highest in the history of the token. However, the new achievement came after a massive jump in the network activity.
The reason behind active Bitcoin address count surge
Last month Bitcoin remained highly volatile as the token price jumped to create a new all-time high near $42,000. Later in the month, the price dipped towards the level of $30,000. According to the data from Glassnode, a blockchain market analysis platform, since the year began an increment in the active Bitcoin wallet users count is observed. The analysis firm concludes that the reason behind the high number is the demand for the cryptocurrency.
The decrease in the supply stored in an exchange wallet
Though the increase in the active wallet addresses has created a new all-time high record, the token supply went to the lowest level. Glassnode has also revealed that Bitcoin’s supply stored in digital asset exchange wallets went to its lowest level in more than two years. More than 12% of bitcoin’s total supply is moved above the price level of $30k.
Increase in the volume traded of the token
On the other hand, last month the volume of Bitcoin is also observed increasing significantly. It is found that the reason behind the increase is due to the token remaining a preferred crypto token for the institutional investors. According to CoinShare, a major European digital assets exchange, the leading crypto token accounted for approximately 92% of the total weekly crypto inflows.
According to CoinShare, on Friday, BTC’s volume faced the second-highest on record totalling the US $22-55 billion for the whole week. Following the 92% total inflows, it seemed like the investments remained Bitcoin focused. On the other hand, Ethereum faced inflows of an unlimited amount of $20 million. Whereas, into other multi-asset crypto investment products, an inflow of $20 million was observed.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
