Network Activity of Bitcoin Increases around $58,000 Price Level

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Bitcoin saw substantial growth during the first two weeks of October 2021 as the price of the world’s most dominant crypto asset jumped from $43,000 to as high as $58,500 within the last 14 days. As a result, BTC’s network activity has also spiked significantly during the mentioned period.

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According to the latest data published by crypto analytics platform Glassnode, active Bitcoin addresses reached 179,000 per day level in October, which is up by 23% compared to the low in July 2021. Active Bitcoin entities and transaction counts also increased sharply near the $58,000 price level of BTC.

“Bitcoin’s on-chain activity has been on a consistent grind higher through Aug-Oct. Many activity metrics are up 24% since the $29k low set in late July 2021. Active Addresses +179k/day, Active Entities +51k/day, EA Transaction Counts +43k/day,” Glassnode mentioned.

BTC is currently trading near $58,000, its highest level since 10 May 2021. With a market capitalization of approximately $1.1 trillion, Bitcoin now accounts for 46% of the total market cap of digital currencies. The world’s largest crypto asset is up by nearly 5% in the last 24 hours.

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Bitcoin’s Token Circulation

The token circulation of BTC is another key indicator to analyze the overall health of the Bitcoin network. According to Santiment, BTC’s token circulation remained steady above the $57,000 price level. “Bitcoin’s token circulation has been in recovery mode since mid-August, and as long as tokens are moving between addresses at a healthy rate, the downside risk of BTC will be limited, based on history,” Santiment highlighted.

“Bitcoin has logged in another monster week (+16%), climbing above $57k for the first time since May 12th. With that, Bitcoin’s social metrics are once again starting to heat up, with signs of ‘market euphoria’ and excessive greed popping up in multiple places,” Santiment added in its latest report.

Yesterday, Finance Magnates reported the transfer of 3,600 BTC worth over $207 million from Xapo to crypto exchange Bitfinex.

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