Currently, the crypto market is in a distressing scenario but one thing that is continuing to grab the attention of the crypto enthusiasts and analysts is the number of active addresses. These increased number of are said to be unmissable signal showing an increased adoption.
According to a recent data from 116z crypto, the number of active crypto address hit all time high last month.
This increase hints a surge in the usage of crypto that reflects people' growing interest and adoption.
Active addresses represent unique wallets which engage in transactions within a specific time frame. Now, the increase in this number shows the growing activity on the network. It is also said to be a reliable barometer of what the public is thinking towards a specific crypto.
The history of active addresses begins with the launch of Bitcoin back in 2009. And as Bitcoin gained an attention on the mainstream and between the year 2013 and 2017 the crypto market expanded, the number of crypto addresses increased rapidly.
Initial Coin Offerings (ICOs) experienced a boom that served as fundraising for blockchain methods resulting in multiple new projects and a subsequent increase in active addresses that were associated with these tokens.
This increase in the number of active addresses is said to paint a promising picture of the future of the industry and consequently this uptick can cause higher liquidity into the market potentially clearing the way for increased crypto values.
Note: This is not a financial advice.
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