According to research firm blockchain & cryptocurrency data Glassnode, the 3-day MA of the new address is one of the most sensitive indicators that reflects processing on the Bitcoin network.
The number of new addresses increased
According to the Glassnode Alert service that automatically reports the most interesting developments on the blockchain network, Bitcoin is experiencing a rapidly rising new address flow.
📈 #Bitcoin $ BTC Number of New Addresses (3d MA) increased significantly in the last 24 hours.
Current value is 15,412,306 (up 11.7% from 13,803,542)
View metric:https://t.co/7WO8UHxK1q pic.twitter.com/0JrMyJLHfF
- glassnode alerts (@glassnodealerts) March 26, 2020
“The number of new addresses (3-day MA) has increased significantly in the past 24 hours.
The present value is 15,412,306 (up 11.7% from 13,803,542) ”
According to the service's report, the 3-day MA of new addresses has increased by 11.7% in the last 24 hours. However, the Bitcoin network still lags far behind the most active days.
The number of addresses increasing rapidly is a sign of price increase?
Some analysts consider the strong positive movements in the Bitcoin network a sign of future price growth. For example, the last Bitcoin price rally in February 2020 coincided with the number of addresses with non-zero balances reaching the new ATH.
$ BTC addresses with non-zero balances are at an all time high. What’s more surprising is that we are even higher than when we near $ 20,000. Hard to not be bullish on this kind of distribution and adoption. @glassnode pic.twitter.com/bNvt78C5rD
- Income Sharks (@IncomeSharks) February 21, 2020
“The BTC address with a balance other than zero is always high. Surprisingly, it's even higher than it was when it was nearly $ 20,000. It is hard not to be optimistic about this type of distribution and acceptance. ”
At the time of writing, Bitcoin is trading at $ 6,695 on major exchanges after being violently rejected by the bear at $ 7,000.
Address hodl + 1BTC reached ATH
The hodl address of at least 1 BTC has just reached the new ATH level despite recent intense selling pressure. The rising number indicates that the number of cryptocurrency holders is committed to continuing to rise even in the face of a total market disruption.
There are currently nearly 800K members of the 'Bitcoin club.' Obviously, the recent volatility has not affected people.
On-chain data shows that strong volatility has not shook the majority of Bitcoin investors.
On March 25, Glassnode Alerts reported a total of 797,073 wallets with balances in excess of 1 BTC. The new address graph shows many people are continuing to accumulate as they enjoy these cheaper rates.
📈 #Bitcoin $ BTC Number of Addresses holding 1+ coins just reached an ATH of 797,123,000
Previous ATH of 797,073,000 was observed on 25 March 2020
View metric:https://t.co/s7tx1xxyz3 pic.twitter.com/jXYUf0bNvi
- glassnode alerts (@glassnodealerts) March 27, 2020
Sidechain Liquid currently holds more Bitcoin than the public Lightning Network
The Lightning Network is a scalable improvement solution for Bitcoin but is probably overblown. This secondary protocol layer built through the use of Bitcoin smart contracts allows for faster, cheaper payments because transactions do not necessarily have to be recorded on the underlying blockchain which is both slow and expensive.
While the Lightning Network may be the main ingredient for scaling up Bitcoin payments to millions of users over the coming years, at this point, the vast majority of users seem to be paying more attention to their primary purpose. muscle.
That helps explain why the sidechain Liquid (blockchain linked to Bitcoin, which aims to help traders transfer money between exchanges faster) may play a more important role for Bitcoin by 2020. Close Here, more BTC is HODL on sidechain Liquid than public Lightning Network channels.
Watch the growth of Liquid and Lightning Network
Number of BTC on Liquid and public Lightning Network channels
As the chart above shows, Liquid overtook the public Lightning Network channels in terms of BTC holdings earlier this month (March 2020). Currently, there are 952.9435322 BTC on Liquid sidechain (according to Liquid.net) and about 918 BTC on public Lightning Network channels (according to DeFi Pulse).
The total USD value of BTC on Liquid and public Lightning Network channels is about $ 12.5 million, which is quite small when compared to the entire Bitcoin network. For comparison, only the floor Coinbase held 10% of the total Bitcoin in circulation, worth about $ 12.2 billion today.
However, a little clarification is needed on public and private Lightning Network channels. The total number of real BTC on the Lightning Network is higher than the public data because some people do not want the world to know about their Lightning nodes.
Data from BitMEX Research recorded the actual BTC number of the Lightning Network in February. Of which, 88% of BTC on the Lightning Network in public channels. Based on that information, the amount of BTC held on the entire Lightning Network (including private channels) may be about 1,043 BTC, more than the amount available on Liquid sidechain.
As such, sidechain Liquid is definitely on track to surpass the number of BTC on both public and private Lightning Network channels in the near future.
Both Liquid and Lightning will all contribute to scaling up Bitcoin to a much larger user base in the near future. In fact, these two technologies can be combined to perform advanced functions such as instant atomic swaps between Liquid and the original Bitcoin blockchain.
While Liquid is a more important development today due to the way most people are using Bitcoin, the Lightning Network will continue to improve and prepare for the day when crypto payments become more popular.
You can see the price of BTC here.
Thuy Trang
According to AZCoin News
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