A recent data compiled by Glassnode has disclosed a key fact regarding the current situation of Bitcoin and says that its network “fundamentals are stronger than ever” in 2020. According to the Compiled data of Glassnode, Bitcoin (BTC) fundamentals have seen a massive growth since July 2016 within the duration of four years.
Bitcoin’s network fundamentals
Glassnode has compared the current Bitcoin’s network fundamentals with those that were around the second halving in 2016. Glassnode data shows that fundamentals have grown stronger in 2020 during these four years of development recording a significant increase in various areas of the daily transaction volume, the hash rate, and the number of Bitcoin addresses.
The number of BTC addresses climbed high
According to the compiled data of Glassnode, the number of Bitcoin addresses in 2020 climbed high recording an all-time high. This number increased by 234% this year. Addresses with 0.1 BTC have surged high by 64% while the number of addresses holding 1 BTC increased by 142% in 2020 according to the Glassnode data.
However, Glassnode data shows that the number of entities holding 1,000 BTC or more than that has recorded a significant decline in 2020 as compared to 2016 while on the other hand Bitcoin addresses with at least 1000 BTC or more have seen a rise of 13% in the present year which is more than it was in the year 2016.
Bitcoin hash rate saw a surge of 6837%
Bitcoin hash rate has seen massive growth in the past four years of development recording a huge surge of 6837% in these developing years. Comparatively, the hash rate of Bitcoin network was revolving around 1,571,587 TH/sec in 2016 but in 2020 this figure has increased to 109,034,592 TH/sec where it is standing at the moment.
The significant surge in the Bitcoin hash rate clearly indicates how strong the Bitcoin network’s fundamentals are this year.