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July 02, 2021 @ 07:55 +03:00
The number of addresses active on the Bitcoin network has crashed roughly 60% in the past six weeks from 1.3 million to roughly 500,000. The collapse in activity has seen Ethereum overtake Bitcoin by number of active addresses, with the Ethereum network hosting roughly 200,000 more active wallets than Bitcoin on July 27.
It is the third time this month, with Ethereum also having overtaken Bitcoin by the metric June 5, 2021, and June 6, 2021. The previous time ETH was in the lead was at the beginning of 2017. Twitter analyst, Mr. Whale — known for his bearish takes — also noted that Bitcoin’s active addresses have fallen to their lowest level since April 2020 based on a weekly moving average.
Several factors may be contributing to the aggressive drop in active Bitcoin addresses, including the more than 50% sell-off that followed Bitcoin’s all-time highs in May and subsequent sideways market action, and the massive crash in network hash rate amid China’s latest crack down on local Bitcoin mining operations. Ethereum’s active addresses increased by more than 9% over the past week to tag 700,000, despite the price of ETH falling more than 10%. However, active Ethereum addresses are still down 22% from their early April peak of 900,000.
Bitcoin’s active addresses fall below Ethereum’s after 60% drop in six weeks, Cointelegraph, Jul 2