BTC Network Activity Reaching All-Time High as Halving Approaches

Vandana  |  May 8, 2020

Bitcoin Halving is just a few days away and people seem to get very much interested in it. Recently it has been revealed that BTC network activity is all set to reach an all-time high. This huge amount of activity is due to the upcoming halving which is about to come in a few days. Not only the activity but the network’s on-chain metrics are also going very well.

Glassnode, which is a metrics provider has revealed that most of the entities on the network are increasing their activity rapidly. Ever since the bull run of 2017, this has been for the first time BTC network activity has increased to this level.

BTC network activity has surpassed the peak of 2019

According to the data, it has been seen that overall BTC network activity has now surpassed the peak of 2019. It has been compared to that time when the price of BTC has reached $14,000 in 2019. Through a huge number of active entities, it has been assumed that it might also cross the high of 2017 and will create another all-time high with this.

It has been seen that the total number of transactions have now reached 316,656 which is getting close to the peak of 2017. During the 2017 bull run, the total number of transactions have reached a peak of 406,953. If the total number of active addresses to be seen then it is also quite close to the peak of 2017. Currently, there are 937,904 active addresses and back in 2017, it reached 1,190,302 active addresses.

Bitcoin adoption is increasing over time

With all this, there was one data which indicates the number of addresses with a non-zero balance. Over the past years, this number is increasing rapidly which indicated towards a wider Bitcoin adoption.

Along with this, there was a separate data for hash-rates and some other on-chain metrics. This data has also suggested a quite healthy and positive outlook. It has been believed that by next year, the hash rate might reach an all-time high. All the miners, traders and every single person related to the crypto industry is eyeing towards the upcoming halving event.

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