One Metric Is Flashing a Bullish Signal for Bitcoin and Ethereum, Says Crypto Insights Platform IntoTheBlock

According to a major analytics platform, one of the key indicators is to flash a bullish signal for Bitcoin (Bitcoin) and Ethereum (ethereum).

into the block To tell After surpassing $60,000 for the first time in May 2021, the number of daily active addresses for both Bitcoin and Ethereum has declined.

The analytics firm has now noted that the number of active addresses for BTC and ETH has stabilized, with more people using the top two cryptos today than before the previous bull market. is showing.

For Ethereum and Bitcoin, the number of daily addresses has clearly decreased since May 2021. [high] About the price. Active addresses soon stabilized and have been at consistent levels ever since

Active addresses on Ethereum have increased by about 36% (327,000 addresses on March 8, 2020 compared to 514,000 addresses on December 1, 2022).Bitcoin is about [a] A 20.6% increase in active addresses (1.04 million on December 1, 2022, compared to 826,000 on March 9, 2022).

A market intelligence company tracks active addresses on an analytics app every day. It measures the number of wallets that have made at least one transaction on a given day. According to the analytics firm, more active addresses are more widely adopted.

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The analytics firm also states that the number of active addresses for BTC and ETH has remained stable despite last year’s troubling macroeconomic conditions.

The growth in new active addresses after the all-time high in November 2021 is promising. Despite the market turmoil in 2022, the number of active users has remained relatively stable since last year.

This could indicate that we are at or near the bottom of the market cycle for active addresses, and therefore at or near the bottom of the decline in users. There is… I seem to have found something similar at the bottom of the active address, if not for the Black Swan event.

At the time of writing, Bitcoin is trading at $17,050 and Ethereum at $1,288.

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