According to cryptocurrency news platform IntoTheBlock, the metric is bullish for Bitcoin and Ethereum. – Information about Essonne

The leading analytics platform claims that an important indicator is giving a bullish signal for Bitcoin (BTC) and Ethereum (ETH).

IntoTheBlock reports that the number of daily active addresses for Bitcoin and Ethereum has fallen after first hitting $60,000 in May 2021.

The analytics firm now notes that the number of active addresses for BTC and ETH is stabilizing, indicating that more people are using the two major cryptocurrencies today than before the previous bull run.

“For Ethereum and Bitcoin, there has been a sharp drop in the number of daily addresses after the increase in May 2021. [high] for prices. Active addresses quickly stabilized and have remained at a constant level since then….

We are seeing an increase in active addresses for Ethereum of around 36% (327,000 addresses as of March 8, 2020 vs. 514,000 addresses as of December 1, 2022). Bitcoin posted a more modest rise of about [a] 20.6% increase in active addresses (826,000 addresses as of March 9, 2022, up from 1.04 million as of December 1, 2022). ”

The economic intelligence firm tracks daily active addresses in its analytics app, which measures the number of wallets that have made at least one transaction on a given day. More active addresses indicate wider adoption, according to the analytics firm.

The analytics firm also points out that the stability in the number of active addresses for BTC and ETH has occurred despite the worrisome macroeconomic conditions of the past year.

“The increase in new active addresses following all-time price highs in November 2021 is promising. Even with the chaos in the markets in 2022, the number of active users has remained relatively stable over the past year.

This may indicate that we are at or near the bottom of the market cycle for active addresses and therefore at or near the bottom of user churn… With the exception of a black swan event, it looks like we have found what looks like a backdrop for active addresses. »

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

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