another milestone for bitcoin network

Another Milestone for Bitcoin – Glassnode

the crypto market data aggregator Glassnode revealed something special about the Bitcoin network. In January 2021, It shows more than 22.3 million unique addresses were active in the Bitcoin network sending or receiving BTC.

This was a milestone for Bitcoin history. The monthly highest unique addresses active in the Bitcoin network. That possibly January’s Bitcoin bull run caused this milestone.

With a chart, Glassnode officially revealed this news on Twitter on February 01, 2021.

With that being said, Glassnode also posted on their website mentioning, the number of “active entities” on the bitcoin network decreased significantly. Glassnode noted this statement as a “Bear sign for bitcoin”.

Source: Glassnode

However, the report further includes that the news is not so much bearish as it is “Sightly-less-bullish”

But Glassnode left another plus point for bitcoin and for other cryptocurrencies as well which is about the Stablecoin Supply Ratio. It is a ratio of the total value of all bitcoins vs. stablecoins.

Simply, According to Glassnode, the SSR ratio decreases when the BTC price is low or when more stablecoins are entering the market circulation. When there is a large supply of stablecoins, it represents more buying power ready to flow into Bitcoin or other assets.

Source: Glassnode

Rate this post

Leave a Reply

Your email address will not be published.