- Bitcoin silently breaks metrics records as price continues in sideways trend with 3 million weekly addresses with a balance, 5 million active addresses, and hourly spent outputs reaching an all-time high
- DeFi platforms offering interest and credit lines to crypto depositors are seeing massive uptick in interest
Traders and speculators may be getting cabin fever from being stuck in a tight trading range around USD 9,000 for yet another week, week upon week, but there is every bit of reason to feel bullish this week with nothing but positive developments and promising updates from ever corner of the blockchain and crypto industry.
And if you’re feeling peckish about Bitcoin and are looking to consume some positive vibes, then look no further as we present some key Bitcoin metrics that are either breaking their peaks after years, or in some cases even breaking all-time high records, suggesting that under the calm surface, a raging current is waiting to take Bitcoin markets by storm.
Quite the on-chain activity on #Bitcoin today –
Hourly New Addresses: 2-year high
Hourly Active Addresses: 1-year high
Hourly Transaction Count: 10-month high
Hourly Spent Outputs with Lifespan 24h: All-time high
— Rafael Schultze-Kraft (@n3ocortex) July 2, 2020
We refer to the exciting Tweet just yesterday from Glassnode CTO Rafael Schultze-Kraft, who posted in a few lines alongside proof via charts from Glassnode data that shows how Bitcoin is emphatically breaking several records all in the sapce of a week. It is headlined by an all-time high on hourly on-chain activity for the past 24 hours by Bitcoin, which says there may be no market movement, but people are using the network directly more actively than ever before. And mind you, this doesn’t even take into account all the transactions that are taking place off-chain. This could be, for example, wallet-to-wallet transactions within an online service, or within an exchange that doesn’t need a transaction on chain, or even Lightning Network transactions whereby people are sending bitcoin through node channels, without ever broadcasting a transaction to the Bitcoin network except to open and close those channels.
Quite significantly, some of these records have not been witnessed since the last all-time high price of Bitcoin in December 2017. For example, new Bitcoin addresses that have a balanced reached a weekly count of 3 million in May, while the weekly count for active addresses almost touched 5 million in the same month, still pushing the figures around 4.7 million currently.
The last time we saw such high numbers? January and February 2018, the two months right after the Bitcoin bull market. And if we look at the metrics right now, we’re seeing new highs or levels that haven’t been reached for years: hourly new addresses (2-year high), hourly transaction counts (10-month high), hourly spent outputs (all-time high).
Of course, positive sentiments here are fundamental growth signs and speculators may not react as much since they don’t see volume in the exchange order books, with price threatening to close down below USD 9,000 yesterday and then bouncing back today before the weekend to ping pong between they key resistant and support level.
[email protected] 1
2X in ~2,5 months
5X in ~3,5 months
10X in ~4 months
Top (100X) in ~12 months
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2X in ~10 months
5X in ~13 months
10X in ~16 months
Top (30X) in ~17 months
BITCOIN IS BORING AF RIGHT NOW. ALL YOU NEED IS PATIENCE PATIENCE PATIENCE PATIENCE. pic.twitter.com/MkoMEKtXB1
— ₿it Harington (@bitharington) July 2, 2020
Traders otherwise are preaching patience, pointing out that it did take months for price movements to spike following the previous two halvings, 12 months and 17 months, to be precise, so it should be no surprise if it takes even longer after the May halving for Bitcoin price to show some growth.
But decentralized finance (DeFi) service providers won’t be complaining about blockchain and Bitcoin metrics, with leader BlockFi claiming that it has managed to double its monthly revenue after a new surge of users was witnessed flocking to its interest and crypto lending services. While clients would have no doubt loved its new mobile app, it’s the halving in May that BlockFi says was driving the surge in new users. According to them, more than 7,000 new accounts added new funds, driving a 25% monthly growth rate and putting it “on track to generate $50 million in revenue” by next July. CEO Zac Prince told CoinDesk:
“Monthly revenue has grown four times since Dec. 19 and doubled from the beginning to end of Q2.”
This comes in an age where banking is depleting its interest margins, with the central banks in the EU following the European Central Bank this year in slashing interest rates — it is negative in many countries now for high balances. So this is good news for fintechs and crypto banks which are offering protection and interest for depositors, while allowing instant credit lines for crypto put up as collateral.
Big days for crypto and blockchain, stay safe on the weekend!
Image Courtesy: Pixabay