Bitcoin's pursuit of $30,000 remains elusive amid fluctuating daily active addresses. A price rollercoaster with resistance yet steady exchange flow holds intriguing market cues.
. This on-chain activity, as revealed by Santiment’s daily active address metric, holds the key to unraveling the underlying dynamics.
Taking a closer look at this metric, it became evident that there has been a noticeable decline in the number of daily active addresses on the network. While a casual glance may not reveal the full extent of this change, a thorough analysis painted a clearer picture. Throughout May, daily active addresses consistently remained below the 1 million mark.However, there was a positive development in June as the metric managed to surpass 1 million on seven separate occasions.
As of this writing, the number of daily active addresses was around 239,000, which indicated a noteworthy decrease. Nevertheless, the 30-day active addresses metric offered a glimmer of hope, showing a slight uptrend with the total number of active addresses exceeding 18 million. This upward movement can be traced back to early June, although the progress has been relatively stagnant in recent times, as indicated by the chart.
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