The network activity of Bitcoin is witnessing an increase in the power of the activity on the chain in spite of the rigorous regulation of the market, in particular in us. Glassnode analytics company released a report on Monday showing a positive sentiment among crypto prime investors.
The latest introduction of computers – Bitcoins containing optional additional data – and entries, which resulted in NFT being introduced to the network, is one of the engines of increased business. Correspondingly, the number of unspent bitcoin transactions reached a new historic peak of 137 million last week, either a 117,000 monthly increase or the highest since December 22, the report states.
The increasing interest for the network comes at an interesting time in the cryptocurrency space as far as regulation is concerned. As reported by ZyCrypto last week, the US Securities and Exchange Commission (SEC) has increased scrutiny on the crypto firms selling what it terms as ‘unregistered securities’ to the public, including Kraken, which had to terminate its staking services this month.
More bitcoiners are holding the crypto
Even that has not discouraged the number of bitcoin holders if Glassnode’s data is anything to go by. ‘‘The total supply younger than six months has not increased significantly year-to-date, hovering around 4.298 million BTC. Since this is a binary system (older/younger than 6m), this broadly indicates that coins older than six months are, in the aggregate, extremely dormant at present,’’ the company noted.
In addition, the taproot usage in the weekly report showed a record 8.121% of all past releases using the latest kind of Bitcoin script. Bitcoin taproot is an upgrade that improves confidentiality and effectiveness on a larger scale.
As Bitcoin has witnessed an increase in activity on the chain, the price of its native token is also the establishment of a meaningful recovery, which experts think could be sustainable. At the time of the press, btc switched hands for $22,328, which represents a difference of -3% last week, by capitalization data.