Glassnode – Number of Active Bitcoin Addresses Hit Record High of 22.30mln in January

As Bitcoin (BTC) was creating new all-time highs last month, the network activity also recorded a sharp increase. Over 22.30 million distinct addresses actively sent or received Bitcoin in the last 31 days.

The landmark was noted by Glassnode. The cryptocurrency market aggregator tweeted that the maximum number of monthly distinct active Bitcoin addresses was recorded in January.

The surge in activity recorded in January surpasses the earlier record of over 21 million active addresses from December 2017. For the last four years, the number of distinct and active Bitcoin addresses has never gone below 10 million per month.

In spite of the surge in distinct active wallets, Glassnode also pointed out that the quantum of “active entities” on Bitcoin network has declined considerably after the numero uno crypto recorded a fresh all-time peak in January.

Glassnode describes an institution as “a cluster of addresses that are controlled by the same network entity.” Bitcoin trading volumes surged to historically high levels in January as Bitcoin broke above $30,000 to record all-time peak of about $42,000 on January 8 before beginning to consolidate between $30,000 and $40,000.

Earlier today, the US headquartered cryptocurrency exchange Kraken revealed that the transaction volume it handled in January 2021 was greater than what it handled all through 2019. Specifically, In January, the exchange processed $56 billion worth digital assets.

Notably, January also put the capability of cryptocurrency exchanges in handling large volume of transactions to litmus test. Following outages faced by several cryptocurrency exchanges, Kraken and Coinbase announced steps to avoid such a scenario in the future, in case of a sharp rise in trading volume.