Bitcoin trading increased 19% in October, and the average Bitcoin transaction size has increased significantly.
Bitcoin’s activity has recovered rapidly in the last two weeks. Total active BTC entities and average transaction size have increased considerably.
The recent weekly analysis report published by Glassnode shows that the total number of active Bitcoin entities has reached 291,000 in the last week, which represents an increase of almost 19% compared to the beginning of October. In addition, the average size of BTC transactions has exceeded 1.3 Bitcoin, a report by FX Magnates has said.
In the past seven months, the long-term operations of the world’s largest crypto asset have added 2.37 million Bitcoin to its holdings. During the same period, only 186,000 new coins were mined.
Individual participants in bitcoin have grown 19% so far this week, reaching around 291,000 active entities per day. The most active market participants have historically been correlated with growing interest in the asset during bull markets in the early stages. Since mid-September, the average transaction size has increased to more than 1.3 BTC. The last time the Bitcoin network saw an average transaction size greater than 1.6 BTC was in March 2020 during the liquidity crash, Glassnode mentioned in its report.
Additional Data on Bitcoin (BTC)
The latest Glassnode report shows that long-term BTC holders are still unwilling to sell their digital assets despite the price jump above $ 57,000. Long-term holders now own a total of 13.28 million Bitcoin, up from 10.91 million in March 2021.
“Over the past 7 months, HODling’s behavior has dominated and more than 2.37 million BTC have migrated through the holder threshold from short to long term (~ 155 days). To put this in context, only 186k BTC have been mined recently in that same period, meaning that LTHs have accumulated 12.7 times more coins than have been mined on average, ”Glassnode added in the report.
The price of bitcoin mustn’t fall below $ 46,077 so that it can maintain its current bullish movement.
On the other hand, Cointelegraph has mentioned in an article today that the first price of Bitcoin was set 12 years ago, and a user bought 50,000 Bitcoins for $ 35. With this, we can see the great advance of the most famous cryptocurrency in the world.
At that time, an anonymous user decided to create New Liberty Standard, a rudimentary exchange model that was a p2p site, where the user who wanted to buy BTC made a payment through PayPal and, after a few hours, received Bitcoin in your wallet.