Bitcoin Fundamentals Continue Upward As Unique Addresses, Transaction Value Transfers Skyrocket
- Bitcoin fundamentals remain bullish and have been growing throughout the year
- Bitcoin price trend seems to follow the fundamentals behind the digital asset
Bitcoin (BTC) has entered a new bull run and enthusiasts in the market remain very bullish about the future of the digital currency. During the last few months, Bitcoin fundamentals have also been expanding at very fast rates, including the number of unique addresses and hash rate in the network.
Bitcoin Network Continues Expanding
According to data provided by BitInfoCharts, Bitcoin’s active addresses surged to 910,000 a few days ago. This is the highest value since January 18, 2018, a few weeks after the massive bull run that helped Bitcoin reach $20,000 its all-time high.
The activity in the network has been growing since April 2018 when the number of active addresses dropped to 330k. Since that moment, the network experienced a sustained increase and hitting 910k. It is worth mentioning that Litecoin (LTC) and Ethereum (ETH) are also registering increases in the number of active addresses since the beginning of the year.
Although a new active address does not mean that there is a new crypto user, it shows that there is an increased interest in the digital asset. Indeed, the number of transactions has also been growing since the beginning of the year for the three aforementioned networks.
BitInfoCharts shows that Bitcoin transactions on January 1st were 234k and they are now close to 336k after peaking above 400k in May. Litecoin and Ethereum transactions per day have also increased from 17k and 448k to 29k and 951k, respectively.
The average transaction value in these three networks has also grown since the beginning of the year, which shows that there are more funds being transacted among users. Bitcoin moved from 8.774k on January 1st to over 96k per transaction on average.
Furthermore, according to data provided by Blockchain.com, Bitcoin’s hash rate has surpassed its previous all-time high. On June 19, Bitcoin’s hash rate was over 65 million TH/s. The previous all-time high was registered on September 25 with 60 million TH/s. That means that the network is more secure than never before.
As reported by CoinMarketCap, Bitcoin has a price per coin of $10,184 and a market capitalization of $181 billion. Ethereum is the second largest cryptocurrency with $30 billion market cap and $281 per ETH. Furthermore, Litecoin is the fourth largest crypto with a market capitalization of $7.27 billion and a price of $116.