On-chain data shows the number of active Bitcoin addresses have remained at a low value for a while now, suggesting there isn’t much demand for the crypto currently.
Bitcoin Active Addresses Have Continued To Move Sideways Recently
As pointed out by an analyst in a CryptoQuant post, the BTC network activity has been low in recent days, implying there isn’t enough demand for a bull rally just yet.
The “number of active addresses” is an indicator that measures the total amount of addresses on the Bitcoin blockchain that have been taking part in some activity, whether that be sending or receiving.
When the value of this metric is high, it means the network is observing a lot of activity right now. Such a trend shows the general interest around the crypto is high among traders currently.
On the other hand, low values of the indicator can suggest the chain isn’t viewing much trading activity at the moment.
Now, here is a chart that shows the trend in the Bitcoin active addresses over the last few years:
Looks like the value of the metric has been quite stagnant in recent months Source: BTCUSD on TradingView
Featured image from Hans-Jurgen Mager on Unsplash.com, charts from TradingView.com, CryptoQuant.com
On-chain data shows the number of active Bitcoin addresses have remained at a low value for a while now, suggesting there isn’t much demand for the crypto currently.
As pointed out by an analyst in a CryptoQuant post, the BTC network activity has been low in recent days, implying there isn’t enough demand for a bull rally just yet.
The “number of active addresses” is an indicator that measures the total amount of addresses on the Bitcoin blockchain that have been taking part in some activity, whether that be sending or receiving.
When the value of this metric is high, it means the network is observing a lot of activity right now. Such a trend shows the general interest around the crypto is high among traders currently.
Related Reading: Glassnode: Bitcoin Is Currently In “Bear To Bull” Transition Period
On the other hand, low values of the indicator can suggest the chain isn’t viewing much trading activity at the moment.
Now, here is a chart that shows the trend in the Bitcoin active addresses over the last few years:
Looks like the value of the metric has been quite stagnant in recent months
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