In recent years, the activity in the Bitcoin network has been a reliable indicator of the further course of the course of the oldest and largest cryptocurrency. As the analysis company Santiment reports, the Bitcoin network has more than one million users for the fifth time in a row. The company writes on Twitter: “Bitcoin had 5 days in a row (with the exception of historically slow weekends) with over 1 million active addresses interacting on the BTC network. This increase is an encouraging sign that another all-time high can inevitably be tested. “
Lightning- Network also with growth
The Lightning network has also seen strong growth recently. “The Bitcoin Lightning Network continues to grow. Around 9,200 new nodes were added to the network in 2021 alone. This is a 111 percent growth rate. The network currently has 11,464 LN nodes online, “said Yann & Jan, the co-founders of Glassnode.
The Lightning network is a second-layer solution to make transactions in the Bitcoin network much more efficient. The Bitcoin network, for example, allows up to seven transactions per second. The Lightning network even allows up to 1,000,000 transactions per second. The Lightning network potentially plays an important role, especially when considering Bitcoin as a means of payment.
Bitcoin price falls slightly – hashrate rises continuously
Meanwhile, investors have to accept a small price drop of around two percent. Bitcoin is currently quoted at around 61,200 US dollars, while other cryptocurrencies such as Ethereum or Solana set a new all-time high almost every day. Nevertheless, the share price development in the last few weeks should be viewed positively. For example, Bitcoin closed September at a comparatively low rate of 43,000 dollars.
In the last few years Years ago, there has always been a correlation between the hashrate in Bitcoin mining and the Bitcoin price. When the Bitcoin price reached a new all-time high of $ 64,800 in April, the hashrate was also at its previous high of 198.5 EH / s.
After China took action against the Bitcoin mining centers in the country, however, the hashrate fell by half – as did the Bitcoin exchange rate. Since then, not only has the Bitcoin price risen enormously again and has set a new record at $ 68,900, but the hashrate has now also reached the level of early summer. The all-time high is still pending here, but this should also be reached in the next few weeks. According to blockchain.com, the hashrate on November 3, 2021 was around 173 EH / s.