Mathisen Marketing

Your Marketing Blog

Bitcoin Active Addresses Stay Low, A Hint That Demand Isn’t There Yet

Bitcoin Bear

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Data from the chain shows that the number of active Bitcoin addresses has remained at a low value for some time, suggesting that there is not much demand for the crypto at the moment.

Bitcoin active addresses have continued to move sideways recently

As noted by an analyst in CryptoQuant, activity on the BTC network has been low for the past few days, which means there is not enough demand for a bull rally yet.

“Number of Active Addresses” is an indicator that measures the total number of addresses on the Bitcoin blockchain that have engaged in some activity, be it sending or receiving.

A high value for this metric means that the network is currently monitoring a lot of activity. Such a trend shows that general interest in crypto is currently high among traders.

On the other hand, low values ​​of the indicator may indicate that the chain does not have much trade at the moment.

Here is a chart showing the trend of Bitcoin active addresses over the past few years:

Looks like the value of the metric has been quite stagnant in recent months | Source: CryptoQuant

As you can see in the chart above, the quantum of the message has highlighted the relevant trend periods of active Bitcoin addresses.

Historically, bear markets have seen low and stagnant values ​​in the indicator. The reason for this is that large price drops tend to scare off new entrants and short-term traders from crypto, which shuts down the network.

In the periods leading up to the bull run, the market has usually seen a gradual accumulation of active addresses, eventually peaking alongside the price. Such an uptrend signals the growing demand for Bitcoin among all types of traders.

Recently, the gauge has been stuck sideways as crypto has been in the middle of a bear market. However, there have been no signs of an increase in the number of active addresses yet.

The analyst explains that this recent low demand suggests that BTC has still not built a solid structure for a long-term sustainable rally that could lead to another bull market.

BTC price

At the time of writing, Bitcoin is hovering around $18.8,000, up 1% from last week. Over the past month, the crypto has lost 12 percent of its value.

The chart below shows the BTC price trend over the past five days.

Bitcoin Price Chart

Looks like the value of the crypto hasn't shown much movement during the last few days | Source: BTCUSD on TradingView
Featured image from Hans-Jurgen Mager on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

  • Putin wants to create new worldwide payment system

    Putin wants to create new worldwide payment system

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase President Putin called for a crypto- and blockchain-based payment system without the influence of banks or any third party. He also criticized the existing payment systems, calling them a weapon of the West and expensive at the same time. Over […]

    Read More

  • AAX crypto exchange deletes YouTube channel as trouble brews – crypto.news

    AAX crypto exchange deletes YouTube channel as trouble brews – crypto.news

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase AAX Exchange has added salt to the wounds of its users by removing it YouTube channel and videos without notice. Users of the platform have been in trouble for the past 15 days after the exchange froze its withdrawal facility […]

    Read More

  • There are over 7 million native tokens on Cardano  – crypto.news

    There are over 7 million native tokens on Cardano  – crypto.news

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Cardano’s blockchain has already passed a significant milestone with 7 million initial tokens. Data from Pool.pm shows that 7,055,456 initial assets have already been created on the Cardano blockchain using 65,652 different staking policies. This new achievement comes after Cardano […]

    Read More