Bitcoin address activity reached a two-year high

Transaction activity in the Bitcoin network continues to break records.

The report of the Unfolded team using CoinMetrics‘ service data states that the number of bitcoin addresses performing transactions on a daily basis has increased to 1.19 million, the highest level since January 2018.

The researchers presented a graph from which it can be seen that the number of transactions at the blockhead steadily increased during the so-called BTC Rally in November.

Let us remind you that the largest digital currency this month is showing very good results. The coin on Saturday 21 November exceeded $18,600. Many analysts say that there is a high probability of a repeat of the famous 2017 race, when the bitcoin on some trading floors reached $20,000.

The so-called Greed Index last Friday reached its highest level since June 2019, when the crypt currency traded at $14,000. This index was 94 points.

This trend indicates that investors are afraid to lose out on the market, so purchases are likely to increase.

The analysts of the Skew team are also optimistic. In their opinion, the chances of reaching $20,000 this year are approximately 25%.

In October, the probability of a repeat race three years ago was only 7%. Against the backdrop of capital inflows to the Bitcoin, the minimers have also intensified. The network hash rate exceeded 130 exahes per second (EH/s) on 20 November.