price has not shown any exciting trends in the last few days. It’s not just the price trend that has been lackluster; the address metrics have also been dull over the past few weeks.For instance, on the 5th of March, the number of daily active addresses was over 1 million. Soon thereafter, this number fell to the 900,000 range and then further to the 600,000 range.However, there was a brief break from this downtrend at the end of the past week.
Despite this spike, the momentum was not sustained, and the number fell back to around 619,000 by the 9th of June. As of this writing, the number of daily active addresses was 110,000.At the start of 2024, the number of daily new addresses was over 500,000. By the end of May, this number had fallen to less than 300,000.As of this writing, the analysis showed that the number of new addresses was trying to pick up, but it could only rise to around 254,000.
The correlation here is clear: the drop in the number of daily active addresses and the decline in new addresses has hindered any significant momentum.At the end of trading on the 9th of June, Bitcoin saw a modest 0.43% increase, keeping its value at around $69,683.However, as of this writing, it has slipped slightly to around $69,600 after a minor decline. This lack of significant movement has contributed to the drop in both active and new addresses.
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