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.

The-Top-10-Assets-By-Highest-Level-of-Address-Activity

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%.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Ethereum July Trends Since 2016: Average 5.52% Gain with Historic 56.62% Surge in 2022

According to Coinglass data as of June 30, Ethereum's...

Bitcoin Spot ETFs See $2.22 Billion Net Inflow, Marking Third Consecutive Week of Gains

Bitcoin spot ETFs recorded a significant net inflow of...

Bitcoin July Rally Analysis: Historical Trends Show Average 7.56% Monthly Gain Since 2013

According to Coinglass data, Bitcoin has demonstrated a historically...

Binance Launches Dymension (DYM) on BNSOL Super Staking Platform

On June 30, Binance officially announced the integration of...

Binance Alpha Sees $470.24M Trading Volume on June 24 with BR Leading at $332M

On June 30, data from the @pandajackson42 panel revealed...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img