The number of active participants in the Bitcoin network has jumped to 2017 levels The number of active participants in the Bitcoin network has reached levels last seen in December 2017, when the cryptocurrency was trading at all-time highs of around $ 20,000, CoinDesk draws, citing data from Glassnode.

The number of active participants in the Bitcoin network jumped to 2017 levels

The number of active participants in the bitcoin network has reached levels in last time observed in December 2017, when the cryptocurrency was trading at historic highs of about $ 20,000, CoinDesk draws attention with reference to Glassnode data.

The number of active entities or clusters of addresses controlled by one participant reached 388,697 on Thursday, which corresponds values ​​of December 9, 2017. The indicator has more than doubled over the past five days, while bitcoin price rose from $ 11 350 to $ 13 300.



“This indicates that active participation in the Bitcoin network is growing,” said Ken Odeluga, head of research at CF Benchmarks. "Understandably, with the PayPal announcement this week, interest in Bitcoin has picked up again to levels that have not been seen since late 2017.".

Earlier this month, Bitcoin's average seven-day hash rate climbed to a record 146 exahes per second. Despite the growth of other metrics, the price of bitcoin is still 33% below historical highs. Nevertheless, analysts believe that continued high activity on the network may determine the further direction of the course..

"As usage increases, the demand for cryptocurrency increases, and this drives up the price," says Philip Gradwell, senior economist at Chainalysis..

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