Title: “Bitcoin Network Update: Surge Amidst Innovation and Recovery Potential”

May 20, 2024

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Bitcoin Network Update and Price Surge


The Block reports a significant drop in daily Bitcoin address additions and hash rate, indicating a decline in network activity. Despite this, innovative protocols are attracting venture capital interest, hinting at a potential future recovery.


The daily address additions to the Bitcoin network have decreased, along with the hash rate, leading to record lows. However, there is growing attention towards innovative Bitcoin projects amidst decreasing on-chain metrics.

Main Points

The decline in daily address additions from 625,000 to 275,000 in six months reflects a drop in network activity. Hash rate, a key indicator of miner revenue, has also hit record lows. Despite this, venture capital firms are showing interest in innovative Bitcoin protocols, suggesting possible growth opportunities.


Bitcoin bulls have made a comeback, with the cryptocurrency reaching a new five-week high. Factors like positive ETF flows, fresh CPI data, and increased corporate interest in Bitcoin ETFs are contributing to the price surge. Moreover, whale activity indicates a rise in accumulation, diminishing concerns about post-halving price drops.