Data comparing the basics of Bitcoin now and before Halving in 2016 highlights how much the network has evolved.
While most market participants are focused on volatile movements around halving, Glassnode looked at how the fundamentals of Bitcoin have improved since the last halving.
The number of BTC addresses jumped by 234%. These addresses currently have a peak value of over 30 million. The number of addresses is higher than it was during the parabolic rise of 2017.
Over 430,000 addresses with over 0.01 BTC were created in the last 90 days.
Addresses with at least 1 BTC and 0.1 BTC have also increased since 2016 – by 64% and 142% respectively. Glassnode noted that these two types of addresses set new records in 2020 almost daily.
Compared to 2016, sites with at least 1,000 bitcoins have fallen slightly (~ 7%). On the other hand, addresses holding the same amount increased by 13%. It is important to emphasize that it is still significantly more expensive to buy Bitcoin compared to 2016.
Hash rate and transactions
The daily volume and number of transactions have also increased significantly. The number is 44% higher than it was in 2016, while the volume shot up 682%, reaching the equivalent of $ 2.1 billion per day. Glassnode noted that since 2017, the volume has always been high.
Perhaps most impressive is the growth of the hash rate. In 2016, it was 1,571,587 TH / sec (terahesha per second), and now it is at 109,034,592 TH / sec – an increase of 6837% in 4 years.
It is interesting to see what will happen after the third Halving event, which is only a few hours away.