Active Addresses on Bitcoin are Increasing: What Does This Mean?

• In the last few weeks, the crypto market has experienced a significant downward trend. Leading cryptocurrencies in the crypto market have shown strong downward momentum.
• Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Polygon (MATIC), and Litecoin (LTC) have more than twice the active address activity compared to other assets.
• Following Bitcoin, stablecoin Tether takes second place with 664.06K active addresses on the BNB Chain. Additionally, Ethereum, the leading alternative cryptocurrency, takes third place with 394.97K active addresses.

According to information from the analytics firm today, active addresses in Bitcoin have significantly increased, reaching twice the number of other assets.

Impressive Increase in Active Addresses in Bitcoin

In the last few weeks, the crypto market has experienced a significant downward trend. Leading cryptocurrencies in the crypto market have shown strong downward momentum. However, according to Santiment data, several cryptocurrencies have witnessed the highest level of address activity.

On August 25th, crypto market analyst Santiment reported the top ten assets with the highest address activity. Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Polygon (MATIC), and Litecoin (LTC) have more than twice the active address activity compared to other assets. Bitcoin, the world’s largest cryptocurrency, leads with 963.64K active addresses.

An address is considered as a sender or receiver when it successfully participates in a transaction. As a result, active addresses serve as a good indicator of daily users on a specific blockchain.

Tether Shows High Address Activity on Various Blockchains

According to the data, stablecoin Tether takes second place with 664.06K active addresses on the BNB Chain, following Bitcoin. Additionally, Ethereum, the leading alternative cryptocurrency, takes third place with 394.97K active addresses. MATIC and Litecoin secure the next positions with 237.99K and 236.69K, respectively.

The newly launched Worldcoin (WLD) was included in the top ten positions along with Tether on the Polygon blockchain. Additionally, Binance USD, Bitcoin Cash, and Tether were included on BNB and the Ethereum blockchain again. The data clearly shows an increase in stablecoin activity with high address activity on various blockchains.

However, the crypto market is still experiencing a downward trend with Bitcoin trading around $26,000. The top altcoins following BTC show a similar pattern in the crypto market. At the time of writing, Bitcoin is trading at $26,090 and has experienced a decrease of over 1.35% in the last 24 hours. BTC’s daily trading volume has decreased by 23.45%.