The Magazine for Asian Investors
The daily active address of Bitcoin (BTC) is a reliable indicator of the price trend of digital assets and often increases with the increase in the number of addresses available on the network.
This week, the number of active users on the Bitcoin network exceeded one million. This is according to a data analysis by Santiment Company, an online blockchain analytics platform.
The company has observed new trends emerging. The number of active users on the Bitcoin network has exceeded 1 million for five consecutive days. This could be a trend that could lead BTC back to a new all-time high.
In addition to the expansion of the Bitcoin network, this also applies to the Lightning Network, which is showing continuous growth. It is expected that about 9,200 new loads will be added to the network in 2021, which is a growth rate of 111%. Currently, there are over 11,464 loads loaded online.
The Lightning Network is built on top of the base layer of Bitcoin. It is a layer 2 scaling solution and allows the creation of a channel between two peers to postpone the final payment to a later date.
The bitcoin price hit an all-time high of $66,800 on October 20 and continues to hover above the $60,000 mark.
At the moment, the world’s leading cryptocurrency is trading at $61,086.
However, the increasing activity of the Bitcoin network could lead Bitcoin to reach new record highs before the end of this month.