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Bitcoin network fundamentals are stronger than ever, says Glassnode Co-founder

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With a few hours left until Bitcoin third halving, a recent data shared by Rafael Schultze-Kraft, the co-founder of Glassnode shows that Bitcoin network fundamentals are showing more strength than ever. It remains unclear if the positive stats will grow more or slump after the halving.

Using the data on Glassnode, an on-chain market intelligence company, Schultze-Kraft compared the Bitcoin network fundamentals on the Bitcoin blockchain from the last halving. Part of the on-chain information he compared includes the network growth rate of the crypto since 2016, whales, growth rate, etc.

Bitcoin network fundamentals are healthy

While commenting on the Bitcoin network growth, the co-founder of Glassnode explained that the number of addresses holding Bitcoin has increased by 234 percent. On the growth rate, the daily number of new addresses on the Bitcoin network went up by 68 percent.

Additionally, the total number of addresses holding one Bitcoin at a minimum has gone up by approximately 64 percent. The number of addresses containing 0.01 BTC to 0.1 BTC at least has increased by more than 204 and 142 percent, respectively. 

The number of Bitcoin daily active addresses has increased by 59 percent. Schultze-Kraft also mentioned that Bitcoin whales have increased by 13 percent. BTC whales are addresses that hold not less than 1000 Bitcoin. 

On the volume count, the daily transaction on Bitcoin has increased to 44 percent; also, the daily Bitcoin on-chain volume has gone up by 682 percent (I.e., in the US dollars). As the halving concerns the miners, Schultze-Kraft also mentioned that the BTC hash rate is up by over 6800 percent. 

A good setup to wait for the halving

Amid the Bitcoin network fundamentals, the Glassnode co-founder has revealed that he is long-term bullish on the top cryptocurrency. However, he said the crypto’s price actions are still subject to huge declines, as Bitcoin is a volatile asset.

Notwithstanding, the Bitcoin network fundamentals kept on making a strong and positive picture for the cryptocurrency.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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