1. PixelPlaygroundHome
  2. Blockchain Briefs

High Activities on Bitcoin Chain; a Short-term Rise in Recent Use

• Blockchain Briefs • 116 views

It is reported that according to the latest data from Glassnode, a blockchain analysis company, the activities on the Bitcoin chain have increased significantl…

High Activities on Bitcoin Chain; a Short-term Rise in Recent Use

It is reported that according to the latest data from Glassnode, a blockchain analysis company, the activities on the Bitcoin chain have increased significantly. Since the surrender event triggered by the FTX bankruptcy, the monthly average number of new addresses added to the Bitcoin network has exceeded the annual average, and the total number of non-zero balance addresses has been pushed to a record high of 44.06 million addresses, indicating that the recent use of Bitcoin network has a short-term rise.

Ordinals and Descriptions promote the increase of the activity on the Bitcoin chain: the total number of non-zero balance addresses rose to 44.06 million ATHs

Interpretation of the news:


According to the latest report by Glassnode, a blockchain analysis company, there has been a significant increase in the activities on the Bitcoin chain. One of the possible reasons is the FTX bankruptcy, which led to the surrender event. Since then, the average monthly number of new addresses added to the Bitcoin network has exceeded the annual average, indicating a sharp rise in the recent use of the Bitcoin network.

In addition, the total number of non-zero balance addresses has reached a new record high of 44.06 million addresses. This is a significant increase, suggesting that there are more people now on the Bitcoin network who have a positive balance in their wallets, and who are potentially active participants in the ecosystem.

Overall, this trend indicates that Bitcoin adoption is continuing to grow, and the network is becoming more active. This can be seen as a positive sign for Bitcoin investors, as it suggests that the demand for Bitcoin is increasing, leading to an increase in its value. However, it is important to remember that this spike in activity may be short-term, and the long-term trend is still uncertain.

One possible explanation for this surge in Bitcoin network activity could be the recent resurgence of interest in cryptocurrencies by institutional investors. Big-name investors like Tesla, MicroStrategy, and Square have all made significant investments in Bitcoin in recent months, which may have drawn more attention to the asset class as a whole.

Another factor driving the growth in Bitcoin activity could be the ongoing COVID-19 pandemic. Many people are looking for alternative ways to invest their money, and Bitcoin has emerged as an increasingly popular option. Additionally, more people are now working from home and have more time to explore alternative investments.

In conclusion, the recent surge in Bitcoin network activity is a positive sign for the cryptocurrency ecosystem. However, it is important to remain cautious and not get too caught up in short-term trends. The long-term future of Bitcoin is still uncertain, and investors should always do their own research before making any investment decisions.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/769/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/16/2023 00:52
Next 02/16/2023 01:07

Recommended articles