The crypto market is making efforts to recover following recent massive price volatility. Check out one important metric that flashed bullish for Bitcoin and Ethereum below.
Metric flashes bullish signal for BTC and ETH
A leading analytics platform just highlighted the fact that one crucial metric is flashing a bullish signal for Bitcoin (BTC) and Ethereum (ETH).
IntoTheBlock says the number of daily active addresses for both Bitcoin and Ethereum dropped off after surging above $60,000 for the first time in May 2021.
The analytics firm now explained the fact that the number of active addresses for BTC and ETH is stabilizing. It’s important to note that this is indicating that more people are using the top two crypto today than before the previous bull run.
“For Ethereum and Bitcoin, there was a clear drop off in daily addresses, after the May 2021 [high] for prices. The active addresses stabilized quickly and have been at consistent levels since then…”
According to the same notes:
“We see around a 36% increase in active addresses for Ethereum (327,000 addresses on March 8th, 2020 compared to 514,000 addresses on December 1st, 2022). Bitcoin has seen more modest gains with about [a] 20.6% increase in active addresses (826,000 on March 9th, 2022 compared to 1.04 million on December 1st, 2022).”
The latest news in the crypto space – Ethereum competitor expects a massive rally
A really popular crypto analyst is predicting that one Ethereum (ETH) rival is setting up for an epic surge. This is reportedly bound to happen even after outperforming the broader crypto markets over the last few days.
Crypto strategist Michaël van de Poppe said recently that Fantom (FTM) went on a strong surge this week before seeing a brief retracement.
The analyst also addressed the blockchain scaling solution Polygon (MATIC), predicting a rally that could possibly retest the $1.30 price level. Check out our previous article in order to learn more details.