Bitcoin Network Activity Surges Amidst Market Volatility | CryptoGazette
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It’s been just revealed that the Bitcoin network activity surged amidst the massive crypto corrections and volatility.
According to the latest reports, the crypto insights firm Santiment notes on Twitter that Bitcoin’s daily active address count hit 1.02 million on Thursday, the third day in a row the number surpassed one million.
“The last time this threshold was consistently above [1 million] for three straight days was December 1-3, when prices were $56,000 – $57,000.”
Bitcoin is trading at $42,678.33 at the time of writing.
It’s been also revealed that the crypto analytics firm IntoTheBlock also notes in a new blog post that Bitcoin saw a spike in on-chain transfers worth more than $100,000. IntoTheBlock views the metric as a proxy for institutional activity.
“Bitcoin registered a robust increase in institutional activity this week, with over $1.5 trillion transferred throughout transactions of over $100,000.”
The notes continued and said:
“Both BTC and Ethereum saw large transactions volume climb by 50%, indicating notable growth from institutional investors.”
Bitcoin in the news
The bullish predictions about Bitcoin don’t seem to be stopping too soon. Check out the latest ones below.
It’s been just revealed that the on-chain analyst Willy Woo said that Bitcoin (BTC) could increase its market cap by more than 20 times from current levels in the next decade. Check out more details about all this below.
In a new interview, the on-chain analyst said that Bitcoin could reach a market cap of nearly $20 trillion within 10 to 20 years.
“I think it [Bitcoin’s market cap] will be more. Maybe close to $20 trillion.”
Woo also made sure to highlight the fact that whether Bitcoin realizes a multi-trillion market cap will be determined by how the regulatory landscape pans out.
“I think a lot’s got to do with how this plays out within regulation. A lot of unknowns right now.”
He also explained that authorities in places such as Europe are impacting Bitcoin negatively by triggering fear, uncertainty, and doubt (FUD).
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