Bitcoin [BTC] in the past few days has undone June blues and soared to a 13-month high. Breaking past the $8,200 and $8,700 resistance levels, the king coin surged past the $9,000 mark, which it last broke in May 2019, as the crypto-winter was sweeping through the larger coin market.
In the midst of the price fever which struck the market almost surprisingly with the aforementioned levels left shattered one after the other over the past week, an important parameter also saw an unprecedented high. According to CoinMetrics.io, Bitcoin surpassed the one million mark in terms of daily active addresses, an important metric to judge the health and viability of a cryptocurrency.
The last recorded daily active addresses, as on 14 June, was 1.03 million, up from the previous monthly high recorded on June 6 of 906.75K daily active users. Bitcoin broke the 900K consecutively on the 6 and the 14, the last time this mark was touched was in July 2018, when the price was around $1,000 less than the current price.
Kevin Rooke, the cryptocurrency analyst noted that the first time Bitcoin broke the 1 million mark in this particular metric the date recorded was November 27, 2017 when the price of 1BTC was over $9,300. Given this trend, and the price of the cryptocurrency looking primed for a move above the mark, the November 2017 price and daily active addresses could be revisited in June 2019.
When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.
Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.
— Kevin Rooke (@kerooke) June 15, 2019
The “daily active addresses metric” records the number of unique receiver and sender addresses recorded every day and this latest revelation comes at a time when several pieces of research are stating the Bitcoin’s use cases are dwindling. A recent study by Chainalysis recorded only 1.3 percent of economic transactions from merchants in the first third of 2019, mirroring the numbers of the past two years.
Lambasting the cryptocurrency community further Bloomberg, in light of the above, stated that the perspective of Bitcoin has changed over the years. From initially being leveled as a medium of payment, a “culture,” of hodlers has been created which has prioritized the need to accumulate rather than transact. However, in light of the daily active users surging, coupled with the imminent price breakout, both the objectives look promising.
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