Bitcoin and Other Altcoins Register Sustainable Active Addresses Growth
According to data provided by Coinmetrics, Bitcoin (BTC), Dogecoin (DOGE), Dash and XRP have experienced an increase in the number of active addresses. These coins have performed very well this year. However, there are other digital currencies that didn’t behave so well.
Active Addresses Continue Growing
The cryptocurrency market seems to be in a bullish trend in which most of the digital assets are expanding and growing. The sentiment is also very positive and several individuals and experts believe digital currencies are going to be reaching new highs in the future.
Although this positive trend can be seen in the price and on social media, there are other metrics that are worth taking into account. Market capitalization is one of these measures that could be analysed and the number of active addresses as well.
According to LongHash, one of the ways to measure the popularity of a coin is to consider the number of active wallet addresses. Although market capitalization is generally used to understand a crypto performance, the number active wallet addresses is a good metric.
These active wallet addresses are those that engaged in crypto transactions in 24 hours, which show the real usage of a network during a specific amount of time. There is a cryptocurrency analyst that compared the number of active addresses of Bitcoin, Ethereum (ETH), Litecoin (LTC) and many other digital assets.
In order to be able to understand how these digital assets performed the tweet compared the 30-day average number of active addresses for each of these coins. They took into account data between May 14, 2018, and May 14 2019.
Coinmetrics shows that Bitcoin had 633,000 active addresses last year and Ethereum 366,000. Litecoin had 115,000 and Dogecoin and Bitcoin Cash (BCH) 71,000 and 52,000 respectively. Dash, NEO and XRP had 46,000, 11,000 and 6,000 active addresses.
This shows that Bitcoin is the leader in the market followed just by two virtual currencies with a large number of active addresses, Litecoin and Ethereum. Not even XRP, which is the third largest cryptocurrency in the market was able to register a large number of active addresses.
NEO has experienced the largest losses, even when this crypto is called the Chinese Ethereum. The number of active addresses dropped 70 percent from 11,000 in May 2018 to just 3,000 in May this year.
Dash has been used in Venezuela as well as Litecoin and Bitcoin to process transactions among users. As the crisis in the country worsened, the number of active addresses on the Dash network increased from 46,000 to 74,000 in just a year.
According to data provided by BitInfoCharts, Bitcoin transactions increased during the last year. Bitcoin Cash, Dogecoin and Dash have also experienced improvements in a year. Meanwhile, Litecoin, Ethereum and XRP remained stable.