Bitcoin’s active addresses fall below Ethereum’s after 60% drop in six weeks
Last month, Bitcoin’s active addresses were at just over 94,000, which was a slight increase from July’s average of just over 90,000. However, last week that number dropped all the way to 82,000, and is now below Ethereum’s average of more than 152,000. Why the huge drop? Ethereum’s decline has been a result of a massive ICO (initial coin offering) craze that has caused Ethereum’s price to skyrocket, and which has caused headlines everywhere. However, Bitcoin’s active addresses have continued to grow every month, and last week’s drop is a result of the recent crash in the cryptocurrency market.
Bitcoin is falling, and not just because of the current downturn in the crypto markets. The number of active addresses in the cryptocurrency has dropped from more than 4 million in mid-November to approximately 3.5 million as of Sunday, according to data from Chainalysis. This is a fall of 60% over the past six weeks, and it follows a fall from over 4.9 million to 4.4 million in the prior 18 months. There are now less active addresses per day on average than at any point since early 2017.
Bitcoin’s active addresses fell below Ethereum’s by nearly 6% in the past week, according to data from Blockchain.com. The news comes as Ethereum and other cryptocurrencies have lost nearly half their value in the past six weeks — and that isn’t even taking into account Bitcoin Cash, which is still in its early stages.. Read more about ethereum value and let us know what you think.
In the past six weeks, the number of active addresses on the Bitcoin network has dropped by about 60%, from 1.3 million to about 500,000.
This drop in activity has resulted in Ethereum overtaking Bitcoin in the number of active addresses. The 27th. In July, there were about 200,000 more active wallets on the Ethereum network than on the Bitcoin network.
This is the third time this month that Ethereum has also surpassed Bitcoin in the 5. June 2021 and 6. June 2021. June 2021. The last time ETH led was in early 2017.
Twitter analyst Keith, who is known for his bearish views, also noted that the number of active bitcoin addresses has fallen to its lowest level since April 2020, based on the weekly moving average.
The number of active addresses on the Bitcoin blockchain network just dropped to its lowest level since April 2020.
This data is bearish. This shows that demand for bitcoin is drying up very quickly. pic.twitter.com/vdmwagbvtm
– Mr. Whale (@CryptoWhale) 1. July 2021
The sharp decline in the number of active Bitcoin addresses can be attributed to several factors, including the sale of more than 50% of Bitcoin after reaching its all-time high in May and the subsequent sideways movement of the market, as well as the massive collapse of the network’s hash rate as part of China’s recent measures to curb local Bitcoin thievery.
Last week, the number of active Ethereum addresses increased by more than 9% and reached the 700,000 mark, even as the price of ETH fell by more than 10%. However, active Ethereum addresses are still down 22% from their peak of 900,000 in early April.
Active addresses are the latest metric that Ethereum has used to surpass Bitcoin. According to the Blockchain Center’s Flippening Index, Ethereum leads in transaction fees by more than 300% and in total transactions by nearly 500%.
But bitcoin has also regained the lead in terms of trading volume and transactions, after lagging behind Ethereum in recent times.
According to a report from 23. June from analytics provider Glassnode’s network, the total number of unique addresses interacting with DeFi’s logs has continued to rise since May, indicating an increase in DeFi’s activity despite the broader crypto-currency metatrend.
Related: Almost twice as much ETH are locked up in DeFi as in the stock markets: Glassnode
The data shows that since the beginning of May, the number of wallets interacting with theFi protocols has increased by nearly 40%, bringing the total number of users to more than 2.9 million. So the continued demand for DeFi from new users could explain Ethereum’s recent surge in network activity, compared to Bitcoin.While Ethereum (ETH) has been in the media a lot recently, it seems there has been little attention paid to Bitcoin (BTC). This is a shame as Bitcoin has the largest market capitalization (around $19.5bn), and much of the publicity has been focused on the number of merchant transactions supported by the network, mainly through payment processor BitPay. However, the main reason the number of active addresses has fallen is due to the acceptance of large-scale Bitcoin mining as a real-world application.. Read more about eth to usd and let us know what you think.
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