Glassnode has noticed significantly more activity on the BTC network. There are many indications that the Bitcoin community is preparing for a halving, which is expected to take place as early as May 12. Such large movements were last seen in 2017 at the height of the speculative bubble, when the cryptocurrency cost around $20,000. BTC network activity is on the rise The overall activity in the Bitcoin network is no longer that high, but it has also increased recently as if in preparation for the third halving of the cryptocurrency, which is expected to take place in a few days. From the analysis of the network, one can learn that many addresses are now much more active than they have been in recent years. Their owners are sending and receiving coins much more frequently than they did in the time since the last bubble. Glassnode pointed this out in a recent tweet. From it, we learned that the network is currently breaking records in terms of activity: "The number of active entities on the Bitcoin network is the highest since the BTC bubble in 2017." Glassnode defines "entities" in its publication: "Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated using Glassnode's advanced heuristics and proprietary clustering algorithms." Measuring network activity The above method is typically used to measure Bitcoin network activity. Last year, the network saw its highest number of active entities when the cryptocurrency's price rose to $14,000. Now - despite the fact that the price is "only" around $10,000 today - the value has now surpassed that level and is approaching the number seen in 2017, when BTC cost around $20,000. Glassnode also reports that the number of active addresses has increased to 937,904 - not too far from the 2018 peak of 1,190,302 active addresses. You can always check the current exchange rate of bitcoin and other cryptocurrencies in the bitcoin exchange rate and cryptocurrency exchange rate tabs on bitcoin.co.uk. Places where you can buy Bitcoin and other cryptocurrencies include BitBay.net cryptocurrency exchange. If you don't have an account on BitBay yet, this article will show you how you can create one efficiently: LINK. Tags BTC network addresses Blockchain network
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