Historically, the total number of daily active Bitcoin addresses interacting on the BTC network gave investors a clear sign about the potential price action of the digital asset. In addition, a significant jump in the number had a positive impact on the price of Bitcoin.
This week, the overall active BTC addresses on the network stayed above the level of 1 million for the 5th consecutive day. “Bitcoin has had 5 straight days (excluding historically slow weekends) of over 1M active addresses interacting on the BTC network. This rise is an encouraging sign that another all-time high can inevitably be tested,” on-chain analysis platform Santiment mentioned.
Additionally, other leading indicators of the overall health of the Bitcoin network, including its lightning network have showed consistent growth in the last few days. During the first 10 months of 2021, nearly 9.2k nodes have been added to the network.
“The Bitcoin (BTC) Lightning Network keeps on growing. Around 9.2k new nodes have been added to the network in 2021 alone. This is a 111% growth rate in operating hardware YTD. The network currently has 11,464 LN nodes online,” Yann and Jan, the Co-Founders of Glassnode, highlighted.
Bitcoin’s New All-Time High?
After touching an all-time high of $66,800 on 20 October, Bitcoin stayed above the price level of $60,000 for most days. The crypto asset is currently trading above $62,000 and eyeing another all-time high of over $67,000. The latest surge in the overall Bitcoin network activity is backing the bullish momentum in BTC.
“Since the fervor of the spring 2021 bull run, crypto-margined futures contracts have been on the decline, falling from an average [of] around 66-69% down to 46% today. This means that over half (54%) of futures contracts presently are margined with cash or cash equivalents, reducing the effects of compounded Volatility ,” Glassnode mentioned in its weekly on-chain analysis report.
Yesterday, Finance Magnates reported a jump of nearly 8% in the Bitcoin mining difficultly.
