Bitcoin’s daily active addresses recently spiked to over 700,000, indicating a break in the downward trend that has been observed in recent months. Despite this spike, the momentum was not sustained, and the number of daily active addresses fell back to around 619,000. Similarly, the number of new addresses for Bitcoin has also been on a decline since January, further hindering any significant momentum. This decline in active and new addresses has resulted in flat moves in Bitcoin’s price, with no exciting trends in the past few days.
The general trend of Bitcoin’s daily active addresses has been downward since around March, with a peak of over 1 million on the 5th of March. However, this number has since fallen to the 600,000 range, with a brief spike to over 765,000 on the 8th of June. Despite this spike, the number quickly fell back down, and as of the latest data, only 110,000 active addresses were recorded. This lack of sustained momentum has contributed to the stagnant price of Bitcoin in recent days.
The analysis of new addresses for Bitcoin showed a similar downtrend, beginning in January when the number of daily new addresses was over 500,000. By the end of May, this number had dropped to less than 300,000, indicating a decline in new interest or adoption. Although the number of new addresses tried to pick up recently, it could only rise to around 254,000, aligning with the drop in daily active addresses and hindering any significant price movement for Bitcoin.
On the price front, Bitcoin has seen modest increases and declines in the past few days, with a 0.43% increase at the end of trading on the 9th of June, bringing its value to around $69,683. However, the price has since slipped slightly to around $69,600 with no significant upward trend in sight. This lack of movement in price has been attributed to the stagnant number of active and new addresses, suggesting that Bitcoin may need a catalyst to spark any significant price changes in the near future.
In conclusion, while Bitcoin’s daily active addresses saw a brief spike recently, the lack of sustained momentum has resulted in a decline back to lower levels. The number of new addresses for Bitcoin has also been on a downward trend since January, further contributing to the lack of significant price movements. With Bitcoin’s price remaining flat in the last few days, it will be interesting to see what catalysts or developments may be needed to drive the price in either direction in the coming weeks.
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