The number of active addresses on the Bitcoin network has crashed by around 60% in the past six weeks, going from 1.3 million to roughly 500,000 per day on average. The collapse in activity has seen Ethereum overtake Bitcoin by the number of active addresses.
Ethereum now has roughly 200,000 more active addresses than Bitcoin. This is notably the third time this year ETH overtakes the apex cryptocurrency, having done so on June 5 and June 6 as well. The previous time ETH was in the lead was in early 2017.
Several factors may be contributing to the aggressive drop in active Bitcoin addresses, including the cryptocurrency’s significant drop from its near $64,000 all-time high, as well as the hashrate’s massive crash triggered by China’s latest crackdown on cryptocurrency mining operations.
Meanwhile, Ethereum’s active addresses have been on the rise as decentralized finance keeps growing and demand for the cryptocurrency remains high.
Source: https://www.cryptocompare.com/email-updates/daily/2021/jul/02/
