Bitcoin surpasses Ethereum in the number of daily active addresses
Date: 2023-09-16 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
The growth of the number of active addresses in the Bitcoin network and its comparison with Ethereum.
According to the latest data from Artemis, the Bitcoin network has demonstrated impressive growth in the number of daily active addresses (DAA) and has surpassed Ethereum, which has long been a leader in this metric. As of September 15, 2023, the Bitcoin network recorded more than 800,000 active addresses, while Ethereum maintained just above 387,000 active addresses. This phenomenon is of interest because Ethereum continues to be the leading platform for decentralized finance (DeFi) and numerous other applications.
However, it is worth noting that Ethereum still leads in the number of daily processed transactions. On September 15, 2023, Ethereum processed over 1 million transactions, which is 400,000 more than the Bitcoin network. Even just a few days ago, Ethereum users completed more than 2.3 million transactions, indicating high user activity on the network.
These two metrics - DAA and the number of daily transactions - play a crucial role in analyzing the state and user engagement in public blockchains. They reflect different aspects of the popularity and usage of cryptocurrency networks.
Interestingly, the Bitcoin network continues to gain momentum despite primarily being a transactional layer and not offering as many opportunities for smart contracts and decentralized applications as Ethereum.
This trend is also accompanied by the stabilization of the DeFi market, which experienced sharp fluctuations due to asset price drops over the past 18 months. The total value locked in smart contracts (TVL) has stabilized at $50 billion. However, trading volume has decreased by more than 90%, affecting the value of projects related to NFTs and DeFi.
Interpreting the growth of active addresses in the Bitcoin network and its impact on the cryptocurrency market.
So, while the Ethereum network remains a leader in the number of transactions and decentralized applications, the Bitcoin network continues to strengthen its position in the cryptocurrency ecosystem, warning investors and researchers to pay attention to a broader set of indicators when assessing the state of the market.
The growth in the number of active addresses in the Bitcoin network raises many questions and interesting observations. Firstly, it indicates an increasing interest in Bitcoin as a store of value and a means of conducting transactions. Perhaps this is related to the growth of institutional investments in Bitcoin and an increase in the number of users who view Bitcoin as a long-term store of their assets.
Furthermore, this trend may suggest that users are beginning to see Bitcoin as a means of transferring value and conducting international transactions, which could ultimately contribute to its broader use as digital gold and a medium of exchange.
