- Bitcoin’s daily active addresses recently spiked to over 700,000.
- The price has yet to see any significant moves on either side.
As a crypto investor with a few years of experience under my belt, I’ve seen Bitcoin’s [BTC] price and network activity go through various cycles. The recent spike in daily active addresses to over 700,000 was an intriguing development, but the lack of significant price moves on either side left me feeling cautious.
The price of Bitcoin [BTC] hasn’t displayed any thrilling patterns in the recent past. It’s not only the price graph that’s uneventful; the associated metrics from addresses have also remained unimpressive for the last few weeks.
Bitcoin briefly breaks trend
Over the past several months, the count of bitcoin wallets with daily transactions has been decreasing. However, more recently, there’s been a noticeable change in this pattern.
Based on the daily active addresses analysis conducted by AMBCrypto using Santiment’s data, there has been a declining trend observable since approximately March.
On March 5th, there were more than a million daily active addresses. Shortly after, this figure dropped to around 900,000, and later decreased to approximately 600,000.
During the last week, the downward trend in the number of daily active addresses was momentarily interrupted. According to the provided chart, this interruption occurred on the 8th of June when the number of daily active addresses surged past 765,000.
I’ve noticed an impressive surge in the number of daily active cryptocurrency addresses, which reached approximately 619,000 around the 9th of June. However, this upward trend didn’t last long, and the numbers have since dropped back down to roughly 110,000 as of now.
New wallets decline
According to AMBCrypto’s examination of Glassnode’s new addresses chart, Bitcoin has been exhibiting a comparable decrease in growth. Yet, this trend initiated prior to the current period, around January.
In January 2024, we saw more than half a million new daily addresses being created. However, by the last month of May, this figure dropped below 300,000.
At present, our investigation indicates that the figure for new addresses is on an uptrend, yet it can barely exceed 254,000.
The relationship between the two is evident: the decrease in the number of daily active addresses and the reduction in new addresses has thwarted any substantial progress.
Consequently, the price of BTC has remained the same in the last few days.
Flat moves
Based on AMBCrypto’s assessment of the daily chart for Bitcoin, the cryptocurrency’s price hasn’t gained significant momentum yet.
By the close of business on the 9th of June, Bitcoin experienced a slight gain of approximately 0.43%, maintaining its worth around $69,683.
Currently, the price has dipped to approximately $69,600 from its previous level due to a minor decrease. The absence of substantial change has resulted in a decrease in the number of active and new cryptocurrency addresses.
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2024-06-10 16:07