BTC, BCH, LTC, & XRP Active Addresses Fell by 13% to 24% in the First Week of July
- Bitcoin and Bitcoin Cash saw 13 percent of negative change while XRP record the highest drop of over 20% in active addresses over the past week
- Larger cap assets continue to outperform small-cap assets that saw modest gains
In April, we unofficially started the 2019 bull run that saw Bitcoin surge from about $4,000 to $5,000. From here, the prices only surged and that too with strong momentum. Since then, BTC prices have more than doubled as we currently trade around $13,000.
However, we have already seen that this rally might not be driven by retail as this time it is not conforming to the google search trend.
Recently, Delphi Digital’s analysis also revealed that 60 percent of Bitcoin’s circulating supply hasn’t moved in at least a year.
“The new sellers are actually mostly individuals who’ve been holding for three-to-six months,” said Delphi Digital.
Fewer Daily Active Addresses Active
Another factor contributing to ‘this rally is different’ is the active addresses. On April 1st, there were 698,000 daily activity address. Then in June, this number surged to more than a million when the price was at its peak at $13,900.
However, in the first week of July, these numbers took a drastic drop. Bitcoin saw a 13 percent drop in its active addresses in the past seven days at 790.7k. Just like the leading cryptocurrency, Bitcoin Cash’s also fell down by 13 percent to 40.9k. Ethereum saw no change at 338k while Litecoin active addresses tumbled, even more, 20 percent to 86.3k.
However, it is XRP that saw the biggest negative change, a whopping 24 percent. There are now 9.5k active addresses on the XRP network.
This points towards lower network usage. Though it is hard to say what exactly is causing this or how it might affect the prices, a pullback in network activity is noteworthy.
Speculation and greed might drive prices in the short-term but in the medium to long term, Bitcoin price action has been tied to the underlying on-chain activity.
Larger Cap assets Continue to Outperform
Meanwhile, during the ongoing bull run, larger capitalization assets continue to outperform the smaller capitalized assets over the past week.
We saw Bitcoin surging 9 percent while Monero price increased by 14%. BTC and XMR combined with Ethereum and Binance Coin with 5 and 6 percent gains respectively led the way.
Smaller capitalization assets, however, have experienced only modest gains like ETC and NEO. Some like VeChian, Cardano, Cosmos, and Ontology have even registered losses over the same period. This as CoinMetric points out, indicates that the “irrational exuberance of the past may have subsided.”
Bitcoin’s price is $48,759.27 BTC/USD exchange rate today. The real-time BTC market cap of $912.31 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $23.91 Billion and live coin value change of BTC -2.15 in the last 24 hours.