Market Analysis

Active Unique Bitcoin Addresses Surpasses Over 22 Mln.

The starting month of this year was a record month for Bitcoin’s price and network activity, with over 22.3 Mln unique addresses actively sending or receiving Bitcoin [BTC] over 31 days.

In line with a recent official tweet by Glassnode, January had seen the very best monthly number of unique active addresses in Bitcoin’s history:

#Bitcoin network activity at ATH.

In January, over 22.3 Mln unique addresses were active within the network sending or receiving $BTC – the very best monthly number in Bitcoin’s history so far.

Chart: https://t.co/yPPOix0KFx pic.twitter.com/yjWwYbRC98

— glassnode (@glassnode) February 1, 2021

January’s spike in activity beats out the earlier record of over 21 Mln active addresses from December 2017. Since 2017, the amount of unique addresses engaging with Bitcoin has not fallen below 10 Mln per month.

Despite the rise in unique active wallets, Glassnode also noted the amount of “active entities” on the Bitcoin network has decreased significantly since spiking into new highs earlier in the month of January.

Glassnode defines an entity as “a cluster of addresses that are managed by a similar network entity.”

Bitcoin trade volumes spiked to record levels last month as Bitcoin surged past $30k to post all-time highs near $42k earlier on 8th Jan. before posting three weeks of aggressive range-bound consolidation.

On 2nd Feb., United States-based exchange Kraken revealed that it had processed more transactional volume during January 2021 than it had during all of 2019, with $56 Bln worth of assets changing hands on the platform last month.

The month saw numerous crypto exchanges experience outages, with Kraken and Coinbase announcing measures intended to stop future failures within the event of surging traffic and volume.

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