Arcane Research: Number of active bitcoin addresses dropped

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Events in May 2021 led to a decrease in bitcoin on-chain activity. The 7-day moving average of active addresses has dropped to its lowest since November 2020. This is stated in a report by Arcane Research.

The peak of the indicator fell on January of this year, the maximum value in May (1.235 million) almost reached it.

Dynamics of the seven-day moving average of the number of active bitcoin addresses and the price of the first cryptocurrency. Data: Arcane Research.

Analysts stressed that historically, the decline in the metric correlated well with the fall in the bitcoin rate. They suggested that further negative dynamics of the indicator will signal the formation of a price peak for digital gold in April this year.

 

“However, there have been episodes of sharp recovery of both metrics before. For this reason, only time will give an answer to how events will develop this time, ”they added.

 

Recall that commissions in the Bitcoin and Ethereum networks fell to January levels.

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