Bitcoin's network activity is at its highest since 2017 as bulls awaken

Published on by Cryptoslate | Published on

Bitcoin just set fresh 2020 highs today, close on the heels of it posting its highest monthly candle seen since mid-December of 2017.

The robust market structure formed in the time since BTC broke out of its macro consolidation phase isn't unwarranted, as the recent push higher has been driven by intense fundamental strength.

One such factor that highlights this underlying strength is the crypto's network activity - which is currently sitting at the highest level seen in over two and a half years.

This is causing hard assets like gold and Bitcoin to both see strong price action.

Bitcoin's ongoing upswing led it to fresh yearly highs of $11,800 earlier this morning, putting some significant distance between its multi-month lows of $3,800.

One metric that elucidates this strength is Bitcoin's network activity, which is currently at the highest it has been since the period between December of 2017 and January of 2018.

"With 18.7 million unique active BTC addresses in July, Bitcoin network activity is on the rise and at levels not seen in over 2.5 years. In Bitcoin's history July's number has only been topped by two months: December 2017 and January 2018.".

Alistair Milne - the Chief Investment Officer at Altana Digital Currency Fund - explained in a recent tweet that there are several key factors that are helping to boost Bitcoin's bull case.

Bitcoin posting its second-highest monthly close ever yesterday.

The confluence of an ideal economic backdrop coupled with a strong market structure and robust underlying fundamentals are all playing into Bitcoin's favor.