Bitcoin network activity surged in early June as the price climbed above $10,400. On Sunday, 370,000 new addresses came online. By June 2, a single day generated over 463,000 new addresses, according
Bitcoin network activity surged in early June as the price climbed above $10,400. On Sunday, 370,000 new addresses came online. By June 2, a single day generated over 463,000 new addresses, according to IntoTheBlock.
Address creation maintained a 3.73% weekly pace while abandoned wallets continued to shrink. On May 30, roughly 580,000 addresses held no Bitcoin. Within three days, that total had fallen 9% to around 515,000.
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Active addresses picked up momentum. More than 902,000 unique addresses moved Bitcoin in the past 24 hours, up from about 695,000 when the price last closed above $9,360 in May. Bitinfocharts recorded the month's lowest activity on May 28 with 475,000 active addresses, down from a previous low of around 456,000 on March 25, more than two months earlier.
The total number of unique Bitcoin addresses on the network continues to rise. Blockchain.com reports that the count grew from about 39 million addresses in June 2019 to over 49 million now, adding more than 10 million in a year.
Bitcoin holders keep their coins in wallet addresses for an average of three years, according to Glassnode data. The company found 10.9% of circulating tokens were last moved when Bitcoin traded around $10,000. Most on-chain transactions occurred between $5,000 and $10,000, the range Bitcoin has occupied since October 2017.
80% of Bitcoin holdings are now profitable, up from 45% on Black Thursday, March 12. If profitability climbs above 90%, Glassnode said, Bitcoin enters bull market conditions.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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