The CTO of Glassnode, a German intelligence firm, Schultze -Kraft has stated that the bitcoin network has gotten stronger and stronger over the last four years since the last halving in 2016. He believes that since 2016, there has been a massive upgrade and this is why he remains bullish on the king coin.
Just 24 hrs period to the halving, the Glassnode CTO decided to conduct a test to see how far the bitcoin network had come and analysed what changes have been made and what has improved.
1/ #Bitcoin fundamentals are stronger than ever.
As the halving approaches, let's zoom out and look at how on-chain fundamentals have developed historically, and how they compare to the last halving.
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The bitcoin network addresses have increased substantially by 234% and on a daily basis it gone up by 68%. The bitcoin wallets holding 0.01 BTC has spiked too by 205% and with 0.1 BTC has grown by 142%. Both values hitting an all-time high in 2020.
Activity on the bitcoin network is 59% higher than what it was in 2016. The Glassnode report also suggests that a number of people holding 1 full Bitchin are 54% higher in 2020 than the last halving. The volume department has gone up by 44%, whereas the mining hash rate increased by a staggering 6800%. Every department in the bitcoin network has made some strides and improvement can be seen on a grand scale in most.
The CTO concludes that while volatility remains an issue for bitcoin and that is something where work is still needed to convince the low-risk takers to enter the playing field, he believes that that sustainability and grand improvement the network has made from one halving to another is a sure sign that the network would keep getting better and better. The bitcoin network looks solid enough deal with whatever is thrown in its way post halving.
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