BTC and ETH Networks Touch Record Breaking Highs

Bitcoin (BTC) and Ethereum (ETH) networks have been recording new all-time highs in the last couple of days. Recent on-chain stats provided by Glassnode, suggest that the BTC and ETH proponents are becoming increasingly active. On the other hand, the price is yet to echo the same.

While the Bitcoin network is strengthening, the price of BTC is still struggling. At the time of the press, BTC is trading at $9,135.94 and has exhibited merely a 0.1% price pump in the last 24 hours. Similarly, Ethereum’s price is struggling at $225.27 and is down by 0.5%. However surprisingly, both the networks are stronger than ever.

Bitcoin Network All-time Highs

The number of addresses holding Bitcoin in particular amounts is breaking new records every passing day. This possibly indicates that the Bitcoin network is strengthening and Bitcoin retail traders are steadily accumulating BTC. Furthermore, the rising number of addresses accumulating BTC is a strong indicator of its adoption as a store of value assets.

Number of Addresses Holding 10+ coins

On 30 June 2020, the number of addresses holding 10+ bitcoin reached a 3-month high. The total number of such addresses on 29 June was 155,058. Towards the end of May 2020, the number of addresses holding 10 and more coins had declined significantly. The trend continued till 24 June when the accumulation started increasing and the number of 10+ coin addresses crossed new highs.

Number of Addresses Holding 1+ Coins

The number of addresses holding 1+ coins is at its all-time high. When we entered 2020, the number of such addresses was under 80,000 and has now crossed 820,430 which is an ATH.

According to the graph below, around the previous halving in 2016, there was a sudden drop in the number of addressing holding 1+ coins. However, no such thing was observed around the 3rd halving in 2020. This is great news!

Number of Addresses Holding 0.1+

This particular number of addresses that hold 0.1+ coins has seen a significant jump. It touched a new all-time high of 3,087,843 and has been on the rise since January 2020. During the 2nd Bitcoin halving in 2016, the number of 0.1+ bitcoin holders had dropped but nothing like that has happened around the 3rd bitcoin halving in 2020.

Bitcoin Active Supply 

Bitcoin is once again on the move as indicated by its current active supply.

Active Supply 1y-2y(1d MA) 3,240,942.981 BTC(4 month-high)
Active Supply 3y-5y (1d MA) 1,209,725.415 BTC(13-month high)

In the last 24 hours, the number of bitcoin transactions has gone up by 25.9% and is at a current value of 13,824. This increase in active supply and number of transactions demonstrates that instead of just holding and accumulating bitcoin, the proponents are also using it.

Bitcoin Realized Price (1d MA)

The Bitcoin Realized Price (1d MA) just reached a 3-month high of $5,819.90 and is approaching closer to the actual bitcoin price. The realized price of bitcoin is one way to gauge whether it is overvalued or not. Furthermore, a large divergence indicates that people might have acquired unrealized gains. This could be followed by people cashing out and tanking the price.

Current charts indicate Bitcoin is trying to bridge the existing divergence.

Ethereum all-time highs

Ethereum 2.0 is proving to be a crowd puller. Following the developments around ETH 2.0, there has been a sudden surge in the number of non-zero addresses holding Ethereum and new all-time highs are being reached. Such activities strongly suggest that ETH supporters are busy accumulating the coins.

Number of non-zero address

The Number of non-zero Addresses for Ethereum reached 42,534,927 which is an all-time high. It recorded a previous ATH of 42,533,510 on 29 June 2020.

Number of Addresses holding 100+ coins

There has been a steep increase in the number of addresses holding more than 100 Ethereum tokens. This could also be related to Grayscale buying 50% of the mined ETH in 2020. In the last 30 days, the number went from 47,000 to 52,755.

Number of Addresses holding 32+ coins

Explosive growth in the number of addresses holding 32+ coins has been observed. It recorded an ATH on 28 June 2020 and then went for next ATH at 122,739 on 30 June 2020.

Number of Addresses holding 0.1+ coins

Unlike Bitcoin, the user interest in 0.1 ETH holding has not seen much growth. However, it did record new all-time highs in the last 2 days. The current ATH for the number of Addresses Holding 0.1+ coins is 3,069,824.

Other All-time highs

The Ethereum network also recorded the highest number of transactions in the last 1 year. The number of ETH transactions recorded on 30th June was 17,847.875 while a year ago it was 17,548.625.

More importantly, the Number of Active Addresses (1d MA) also reached a 2-year high of 26,448.750 on 30th June 2020.

That is a lot of activity happening. Could this be indicating a potential bull run?
Do let us know your thoughts in the comment section below.


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