Glassnode noticed much more BTC network activity. There are many indications that the Bitcoin community is preparing for halving, which is expected to take place on May 12. Recently, such large movements were visible in the 2017 epic bull run, when the top cryptocurrency price hit $20,000 per coin.
BTC network activity is increasing
The Overall activity in the Bitcoin network is not high enough, which also increased in the last period as if in preparation for the third bitcoin halving, which is to take place in a few days. Network analysis shows that many addresses are now much more active than they have been in recent years. Their owners send and receive coins much more often than they have done since the last bubble.
Glassnode noticed this in a recent tweet. We learned from it that currently, the network is breaking records in terms of activity:
“The number of active entities on the Bitcoin network is the highest it’s been since the 2017 BTC bull run.”
— glassnode (@glassnode) May 6, 2020
Glassnode defines “entities” in its publication:
“Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms.”
Measurement of network activity
The above method is usually used to measure Bitcoin network activity. Last year, the network recorded the largest number of active entities when the price of cryptocurrency increased to USD 14,000. Now – despite the fact that today the price is “only” around USD 10,000 – this value has now exceeded this level and is approaching the number that could be seen in 2017 when BTC cost around USD 20,000.
Glassnode also reports that the number of active addresses increased to 937 904. This is not too far from the 2018 peak when this value was 1,190,302 active addresses.
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