As bitcoin continues to set new price highs, its network is also seeing record-breaking user activity.As of Tuesday, there were 432,451 \u201cactive entities\u201d \u2014 wallet clusters controlled by a single participant that sent or received funds in a 24-hour period. That\u2019s an all-time high, according to data provided by blockchain analytics firm Glassnode. The previous peak of 410,972 was registered on Dec. 9, 2017.\u201cThe number of active entities has been increasing steadily since the halving and signifies a large increase in network adoption by participants,\u201d said Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds.Bitcoin underwent its third mining reward halving on May 11 of this year. Since then, the number of active entities has increased by 70% and bitcoin\u2019s price has more than doubled to nearly $20,000.The cryptocurrency printed a record high of $19,920,53 on Tuesday before falling back. Bitcoin was trading around $19,096 at time of writing, representing a 1.7% gain on the day.While bitcoin\u2019s price gains have been relatively sharp over the past eight weeks, the number of active entities has charted relatively steady growth.\u201cWhile the metric has breached highs not seen since 2017, it has done so gradually without \u2018bubble-like\u2019 growth,\u201d Dibb said.\u201cWe take comfort in this when correlating address clusters with forward-looking price action.\u201dAnalysts consider increased activity as a bullish sign.\u201cWhen there\u2019s greater usage, there\u2019s more demand for the cryptocurrency, and that drives the price up,\u201d said Philip Gradwell, chief economist at blockchain intelligence firm Chainalysis.The number of active entities rose to multi-month highs in early September, despite the multi-week sideways price action in the range of $10,000 to $12,500, signaling a continued increase in adoption and warning of a price breakout. The rise in activity to record highs suggests bitcoin\u2019s rally is sustainable.\u201cOur expectation is that this metric will continue\u2026<\/p>","protected":false},"excerpt":{"rendered":"
As bitcoin continues to set new price highs, its network is also seeing record-breaking user activity.As of Tuesday, there were 432,451 \u201cactive entities\u201d \u2014 wallet clusters [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/2903"}],"collection":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/comments?post=2903"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/2903\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/media?parent=2903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/categories?post=2903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/tags?post=2903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}