Data shows that the Bitcoin network is currently observing a large number of adoptions. This is how other major assets like XRP and Ethereum are piled up.
Bitcoin is currently observing the creation of daily average wallets
In a new post on X, the chain analysis company Santiment discusses the average network growth of the industry’s highest assets over the past month.
“Network Growth” here refers to an indicator that measures the total number of new addresses created on a given network every day. It is said that an address will be generated when the first transaction is made.
When the value of the indicator rises, it may be due to new investors joining the network or old investors sold earlier. This trend will naturally increase by existing users creating multiple wallets for purposes such as privacy.
Often, whenever the network grows registration spikes, these three can work simultaneously to some extent, so some net adoption of cryptocurrencies can be assumed to occur.
Now, here is a chart shared by analytics companies that show the growth trends of the four largest cryptocurrency networks divided by market capitalization: Bitcoin, Ethereum, XRP and USDT.
Looks like BTC has had the highest value of the metric for the past year | Source: Santiment on X
As can be seen in the image above, Bitcoin has been the top coin in this sector based on this metric, meaning it attracts more user interest than the rest.
Over the past month, the daily average of cryptocurrencies has been 309,000. Ethereum is the second largest digital asset, followed by 112,000, which means the BTC network is expanding almost three times faster than ETH.
There is also a big gap between the second and third times, with Stablecoin USDT creating an average of 36,400 addresses per day. Ultimately, the fourth-place XRP had a network growth of just 3,500 in the rest of the board.
Historically, adoption was constructive for cryptocurrency networks, as a wider user base could provide a more sustainable basis for futures price development. That is, in the long run, the impact of adoption is usually only visible.
Given that the Bitcoin network has grown at a considerable rate for some time, at least in the context of user base growth, the cattle industry of assets may be well positioned.
BTC price
Bitcoin’s momentum has been cold over the past week as the asset’s price recovers again to $102,600.
The trend in the BTC price over the past month | Source: BTCUSDT on TradingView
Featured images from dall-e, santiment.net, charts from tradingview.com
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