Bitcoin's Network and Popularity Reach New Heights Amid Positive Adjustments

By: Eliza Bennet

Overview

The Bitcoin network has exhibited resilience and robust growth in recent times, with projections suggesting an upward adjustment of its difficulty level. The network recorded a record-breaking 551 exahashes per second hash rate, underscoring increasing popularity and security. This growth is intertwined with the expected positive difficulty adjustment, both functioning as indicators of the network's stability and growth.

Further demonstrating its strength, Bitcoin's on-chain settlement value soared remarkably this year, going from $105 trillion at the beginning of the year to a colossal $113 trillion. This surge underpins Bitcoin's growing adoption and usage, reinforcing its position in the financial ecosystem. Indicative of this, the number of unique Bitcoin addresses holding a non-zero balance is also nearing 50 million.

Simultaneously, Bitcoin's realized price, representing its on-chain acquisition cost, hit its yearly high. With surging transaction fees, considerable progress in on-chain settlement showcases and more Bitcoin held in exchange wallets, Bitcoin's fundamentals have never looked better. Experts foresee the world’s largest cryptocurrency reaping large-scale benefits from several positive catalysts in 2024.