Bitcoin News

Active bitcoin addresses are at their lowest level since April 2020

As the digital currency market struggles to refresh itself and end the current downturn, new data show that the number of active bitcoin addresses has reached its lowest level since April 2020. According to some experts, reducing active addresses means reducing the demand for bitcoin.

to the the report CoinDesk, Glassnode data show that the seven-day average of active Bitcoin addresses on Wednesday reached 758,165 addresses, which is unprecedented since April 2020.

“Charlie Morris, chief executive of ByteTree, said in a statement:

The decline in active users is a sign of declining demand. The cycle of hype is now over, and the market can no longer open new doors as quickly as it once could.

GlasNow statistics show that the average daily daily bitcoin transactions have fallen below 300,000 transactions, which is unprecedented since March 2020.

The amount of network usage affects the amount of demand and, consequently, the price of a digital currency. Philip Gradwell, chief economist at Chainlaysis, said in an interview last year:

When to use [از شبکه] The higher the demand for a digital currency, the higher the price.

It should not be forgotten that in the last quarter of 2020, we saw an increase in the number of active bitcoin addresses, followed by a sharp rise in the price of bitcoin.

Bitcoin is now down 0.5 percent from the previous 24 hours and is trading in the $ 32,000 range.


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