Active wallet addresses on bitcoin’s network have reached their highest point since December 2017, when the price of BTC was trading for nearly $20,000. 

According to data collected by crypto analytics firm Glassnode, the number of active addresses or cluster of addresses owned by a single network participant has reached their highest point since December 9, 2017. User participation on the network has more than doubled over the past week, coinciding with bitcoin’s price rally from $11,300 to above $13K. 

Speaking in an interview with CoinDesk, a spokesperson for the Financial Conduct Authority (FCA)-regulated crypto index CF Benchmarks said the bump in wallet activity indicates growing investor participation with bitcoin. 

The spokesperson continued, 

Against the backdrop of PayPal’s announcement this week, it makes a lot of sense that interest in bitcoin is once again intensifying to heights not seen since late 2017.

In addition to the price rally, the surge in active bitcoin addresses follows on the heel of a monumental announcement by Paypal to provide support for BTC and other crypto-assets.

In a tweet published October 21, Galaxy Digital’s Mike Novogratz called PayPal’s news the “biggest” of the year for crypto. 

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