The general activity on the Bitcoin network is not only robust but has also increased in preparation for the third Bitcoin halving. Reports show that many addresses on the network are now a lot more active, sending, and receiving coins.
Crypto metrics service Glassnode pointed this out in a recent tweet. The tweet announced that a record high might soon be seen:
“The number of active entities on the Bitcoin network is the highest it’s been since the 2017 $BTC bull run.”
Glassnode defines entities, in a publication:
“Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms.”
The entity metric is usually used to measure the amount of activity the Bitcoin network experiences. Last year, the network saw the highest number of active entities when the network saw $14,000. The spike has now surpassed that level and is inching towards the number seen at Bitcoin’s all-time high in 2017.
Glassnode also reports that the number of active addresses has increased to 937,904. This is not too far from its peak in 2018, at 1,190,302 active addresses. Bitcoin’s hash rate is also at its second-highest level ever, and on its way to scale the current 129.41 EH/s all-time high.