The number of active addresses has always been an important indicator for Bitcoin. However, despite the importance of the Bitcoin community, this indicator is not perfect. A person can have more than one address, and two people can trade on one exchange without being recorded in the blockchain. Any kind of problem can make this indicator distorted, underestimating or overestimating the number of people trading on the Bitcoin network every day. But even considering these small issues, it is a good indicator of people's interest in Bitcoin.
Throughout 2019, the number of Bitcoin active addresses has been rising. Until now. When we checked the 7-day average of Bitcoin (to eliminate weekly volatility), the number of active addresses apparently dropped dramatically. In fact, the number of active addresses for Bitcoin this week has been lower than at the beginning of April this year—the price of Bitcoin just exceeded $5,000.
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Throughout most of May and June, the number of Bitcoin active addresses has been increasing, moving toward 1 million daily addresses. Around the end of June, this trend reversed and there have been no signs of stopping the decline since then. Currently, there are less than 750,000 daily addresses on the Bitcoin network.
Although this indicator is important, it does not necessarily mean that Bitcoin investors will be in trouble. Other indicators, such as the total value of the transfer, the number of transactions and the difficulty of mining, are also effective indicators that need attention. These indicators have been rising or flattening to a large extent in the near term, but any major changes in the coming weeks or months are worthy of attention.
Although bitcoin prices seem to have stabilized at around $10,000, in July, bitcoin is still likely to experience significant fluctuations (up/down) of up to $1,000 in an hour. This may be due to the fact that Bitcoin has recently received more and more attention in the media. The US President first released Bitcoin-related Twitter, and earlier this week the US Congress reviewed the cryptocurrency project that Facebook plans to launch. .
LongHash , read the blockchain with data.