- Bitcoin’s daily active addresses recently rose to over 700,000.
- The price has not yet undergone any significant movements on either side.
Bitcoins [BTC] The price has not shown any exciting trends in recent days. It is not just the price development that has been moderate; the address statistics have also been boring in recent weeks.
Bitcoin briefly breaks the trend
The number of daily active addresses for Bitcoin has decreased in recent months, but recently there has been a trend break.
AMBCrypto’s analysis of the daily active addresses graph on Santiment showed that the general trend has been downward since about March.
For example, on March 5, the number of daily active addresses exceeded 1 million. Shortly afterwards, this number dropped to the 900,000 range and then further to the 600,000 range.
Source: Santiment
However, there was a brief interruption of this downward trend at the end of last week. The above graph showed that the number of daily active addresses had risen to over 765,000 on June 8.
Despite this spike, momentum did not last and numbers fell back to around 619,000 on June 9. At the time of writing, the number of daily active addresses was 110,000.
New wallets are falling
AMBCrypto’s analysis of the new addresses graph on Glass junction showed that Bitcoin has been on a similar downward trend. However, this downward trend started earlier, in January.
At the beginning of 2024, the number of daily new addresses was more than 500,000. By the end of May, this number had fallen to less than 300,000.
Source: Glassnode
At the time of writing, the analysis showed that it was trying to attract new addresses, but could only increase to around 254,000.
The correlation here is clear: the decline in daily active addresses and the decline in new addresses have hindered any significant momentum.
Consequently, the price of BTC has remained the same over the past few days.
Flat movements
AMBCrypto’s analysis of Bitcoin on a daily time chart showed that the price has not yet taken off.
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At the end of trading on June 9, Bitcoin saw a modest increase of 0.43%, leaving its value at around $69,683.
Source: TradingView
However, at the time of writing, the price is down slightly to around $69,600 after a small decline. This lack of significant travel has contributed to the decline in both active and new addresses.