The record number of 22.3 million bitcoin addresses were active throughout the month of January. The said accounts were involved in sending and receiving BTC.
January was a great month for bitcoin and cryptocurrency. We saw a bullish rally of BTC pushing the value of the cryptocurrency market to a Trillion Dollars. The value of bitcoin also hit the highest record of $42K. Subsequently, the correction brought the price down to $35K.
The number of unique active bitcoin addresses also hit an all-time high spotted by Glassnode.
#Bitcoin network activity at ATH.
In January, more than 22.3 million unique addresses were active in the network sending or receiving $BTC – the highest monthly number in Bitcoin’s history to date 📈
— glassnode (@glassnode) February 1, 2021
Previously, the record of highest bitcoin active addresses during one month was at 21 million in December 2017.
Reasons For Rising Activity:
The coronavirus pandemic in 2020 increased the investors’ interest in cryptocurrency. Individuals flocked towards bitcoin as a hedge against the risk posed by traditional forex investments. The wall street investors had a new found love for crypto. However, despite all of this bitcoin was unable to break from its previous all-time high value of $20K until December 2020.
January 2021 was off to a great start with the price of bitcoin hitting $30K on the first weekend. From that point onwards, it was a hell of a week. The price surge of bitcoin threw it into the spotlight. Many new investors jumped on the bandwagon of buying bitcoin just to profit from its bull rally.
The price corrections were the show stopper in the later half of January. The price went down to $28K at one point. Seasonal investors who had come only for surge started selling quickly.
The cycle of buying & selling kept going on with the speculations around the bull rally. We will likely see a similar activity if the BTC price hit another all-time high.