TL;DR Breakdown
- Glassnode says Bitcoin recorded a surge in its network activities, recording over 22 million unique addresses in January alone.
- Kraken announces that its platform was used to exchange $56 billion worth of crypto assets.
In the history of the crypto industry, there has never been a start to the year as strong as the one the industry has recently witnessed. During the early part of January, Bitcoin reached new heights as the leading crypto asset broke the $40k mark to set a new all-time high of $42,000.
Bitcoin unique addresses surpass 22 million
However, available data has now shown that a new price record was not the only record broken by the asset, which also witnessed a surge in its network activity as it recorded over 22 million unique address transactions in the previous month alone. This was made known by Glassnode who tweeted about this record high surge.
This beats the previous record witnessed during the bull run of the crypto asset in December 2017. Then, over 21 million active unique addresses were recorded to have transacted on the platform. And since then, the average number of addresses transacting on the network has not dropped below 10 million unique addresses.
Glassnode also reported that the number of “active entities” on Bitcoin has dropped considerably after it had reached new heights in the beginning of January. According to the analytic site, an entity is defined as a cluster of addresses that are controlled by the same network entity.
Kraken has record-high transaction volume
During January, after the massive rise in price of the asset, it also witnessed a significant drop in its value which has not gone beyond the $30k mark. Despite this, Kraken, a crypto exchange based in the United States, said that the volume of transactions it processed in January alone was more than all of year 2019. The exchange reportedly claimed to have had $56 billion worth of assets exchanged on its platform.
Different crypto exchanges also experienced issues with their connections due to the swings in the crypto market. Coinbase and Kraken have already announced measures they are putting in place to avoid a recurrence of such issues in the future.
