The year 2022 will remain in history with several Bitcoin network records being broken, including highs for the BTC price and hash rate. In addition, recent data indicates that the number of unique active addresses on the network has also surpassed the previous record three years ago.
According Dice from analyst firm Glassnode, the number of addresses on the Bitcoin network that sent or received funds reached a new historical record of 22.3 million in January 2022.
This number surpassed the previous record at the end of 2017, when active addresses reached 22 million.
Active Bitcoin addresses. Source: Glassnode.Observing the chart above, it is safe to assume that the price of bitcoin is the main reason behind the rise in active addresses. After all, the previous record came when BTC was headed for $ 20,000 for the first time, which was the biggest price record at that time.
As the cryptocurrency entered a year-long bear market after its peak in 2018, addresses followed the price and dropped until a sudden increase during the June 2019 short-term hike.
Likewise, they increased in late 2020 – when the cryptocurrency started its most impressive bullish cycle so far, breaking above $ 20,000 and peaking at $ 42,000 in early January. The hash rate has also exceeded the maximum of 150,000,000 TH / s, which means that there is more computational power dedicated to bitcoin mining.
Other data from Glassnode suggests that bitcoin traders could be avoiding recent profits. The volume of bitcoins held on exchanges has reached the low of the last two years of around 2.3 million currencies.
Bitcoins held on exchanges. Source: Glassnode. On the other hand, the supply of coins that have been on hold for at least one year reached the minimum of the last 13 months of 57%. This is a substantial decline since mid-2019, when the same metric was at almost 65%.
Percentage of bitcoins stopped for more than 1 year. Source: Glassnode.What are your expectations for Bitcoin in 2022? Leave your opinion in the comments section below.
Read more: Grayscale reopens its Ethereum fund, should price rise?
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