After a period of weak price performance throughout July and August, which coincided with a relative decline in active addresses on the network, Bitcoin has experienced a remarkable surge in active addresses since the beginning of September.
The metric known as Bitcoin Active Address Momentum compares the monthly and yearly moving averages of active addresses to capture shifts in network activity. According to this metric, Bitcoin’s active addresses have surged past both moving averages, signaling a positive shift in user engagement on the network.
Although we cannot definitively attribute the growth in active addresses directly to price performance, this trend represents a positive indicator of renewed demand and user activity on the Bitcoin network. Historically, active user participation has been a critical parameter in every bullish cycle, suggesting that demand is returning to the network.
Written by Crazzyblockk
