The Bitcoin network has been buzzing a lot since the spiking bull run towards $20k and it seems to be getting as busy as in 2017. Although the prices on this bull run are similar the fee is much lower.
Almost 1.18 million addresses were active on the bitcoin blockchain yesterday. This was strikingly similar to the numbers found in 2017.
Hans Hauge the head of the quant strategy at Ikigai asset management pointed out that yesterday’s hike was the 7th highest active addresses in bitcoins history. In fact, yesterday’s number was only 101,000 shy from Bitcoins high of 1.29 million seen in 2017.
He also added that the number of Bitcoins hit an all-time high yesterday at 836,000 addresses. Although this was only possible as one Bitcoin address can send BTC to multiple addresses.
Bitcoins fee has still managed to be low even though it spiked at the start of this month, the average fee stayed $6.7. Although it’s still far-fetched when kept in comparison with 2017’s peak fee which rose as high as $55 per transaction
Bitcoin holders are in the green with the effective bull run and the network has become busier than ever. According to Coin metrics, almost 4.98% of Bitcoin technologies were in profit at the $14,000 mark.
Bitcoin is nearing $15,500 while writing and bitcoin addresses in profit might be hitting the 99% mark.
It has become clear that there is relatively lesser selling pressure and lesser chances of capitulation in the bull run. Still, some investors may soon start taking profits if the gains become too good to pass up.