The number of activities on the Bitcoin network yesterday increased tremendously following the mid-sized correction that occurred in the cryptocurrency market yesterday.
In the past 24 hours, more than 8% was wiped off from the total cryptocurrency market valuation in an unexpected move, with Bitcoin (BTC), the world’s top asset class shredding a significant percentage of its value.
At the time of writing this line, Bitcoin is down 9.1%, as its price crashed from nearly $40,000 to a low of $35,500. The sudden decline in the price of Bitcoin prompted many investors to act differently.
While some traders exercised fear and converted their holdings in the world’s largest cryptocurrency to stablecoin, other investors saw the price dip as the perfect opportunity to bolster their BTC holdings.
Massive User Activities for BTC
According to Santiment, an on-chain data provider that tracks the activities of 2,000 cryptocurrencies, the massive dip of the world’s largest cryptocurrency saw over 1 million Bitcoin addresses making transactions on the Bitcoin network.
Santiment noted that a total of 1.17 million addresses were active on the Bitcoin network, making a series of transactions, including buying and selling of the world’s biggest cryptocurrency by market cap, as its price dipped.
Notably, the increased number of active addresses recorded yesterday marks the highest amount of utility on the Bitcoin network since December 2, 2021.
“After yesterday’s mid-sized correction, the dust is still settling across #crypto markets. #Bitcoin’s network had 1.17M unique active addresses making transactions yesterday, which was the highest amount of utility since December 2, 2021,” Santiment tweeted.
? After yesterday's mid-sized correction, the dust is still settling across #crypto markets. #Bitcoin's network had 1.17M unique active addresses making transactions yesterday, which was the highest amount of utility since December 2, 2021. ?https://t.co/UWRxZoYyyS pic.twitter.com/pUIh83gwGH
— Santiment (@santimentfeed) May 6, 2022
Things appear to have settled in the market as the massive price swings experienced yesterday have cooled off. At press time, Bitcoin is currently changing hands around $35,881.
Meanwhile, Santiment’s analysis comes less than 24 hours after the Luna Foundation Guard (LFG) announced that it has purchased $1.5 billion worth of Bitcoin, to further bolster its stablecoin reserve. The move made LFG the second-biggest corporate BTC holder in the world after MicroStrategy.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
