Key Points
- Bitcoin’s daily active addresses recently spiked to over 700,000 but the price remained stable.
- The number of new Bitcoin wallets has also been in decline since January.
Bitcoin’s daily active addresses recently saw a significant increase, reaching over 700,000. However, this spike did not result in any major changes in the cryptocurrency’s price.
The price of Bitcoin (BTC) has remained relatively stable in recent days, showing no exciting trends. Apart from the price trend, the address metrics have also been rather uneventful for the past few weeks.
Breaking the Downtrend
Bitcoin’s daily active addresses have been on a downward trend for the past few months. However, there was a brief interruption in this trend recently. For example, on March 5, the number of daily active addresses was over 1 million. This number then fell to the 900,000 range and further to the 600,000 range.
Towards the end of last week, there was a brief break from this downtrend. The number of daily active addresses spiked to over 765,000 on June 8. Despite this spike, the momentum was not sustained, and the number fell back to around 619,000 by June 9.
New Wallets in Decline
The number of new Bitcoin addresses has also been on a decline since January. At the start of 2024, the number of daily new addresses was over 500,000. By the end of May, this number had fallen to less than 300,000. Currently, the number of new addresses is trying to pick up but has only managed to reach around 254,000.
This decline in the number of daily active addresses and new addresses has hindered any significant momentum, causing the price of BTC to remain stable in the last few days.
The price of Bitcoin has yet to pick up steam. At the end of trading on June 9, Bitcoin saw a modest 0.43% increase, keeping its value at around $69,683. However, it has slipped slightly to around $69,600 after a minor decline. This lack of significant movement has contributed to the drop in both active and new addresses.
