On-chain data shows that Bitcoin active addresses have registered a spike recently. Here’s what this may mean for the market.
Bitcoin Active Addresses Spike Following Uptick In Volatility
According to data from the on-chain analytics firm Santiment, utility on the network has picked up quite drastically recently. The “active addresses” here refer to the Bitcoin addresses that are taking part in some kind of transaction activity on the blockchain. These addresses can be both senders and receivers.
The “daily active addresses,” an on-chain indicator, measures the total number of unique such addresses that are appearing on the network every day. By “unique,” what’s meant here is that the metric only counts every active address just once, implying that even if a wallet makes multiple transactions inside a 24-hour span, its contribution to the indicator will still remain only one unit.
The benefit of only counting unique addresses is that these unique addresses can be assume
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