Bitcoin Network Activity Reaches Three-Year Lows Amid Waning Interest: CryptoQuant
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
The Bitcoin network has experienced a significant drop in activity, reaching levels not seen in three years.
According to onchain analytics platform CryptoQuant, a general sense of “disinterest” is affecting the crypto market, with Bitcoin transaction volumes notably declining.
In a recent Quicktake blog post, CryptoQuant said that active addresses on the Bitcoin network, which had reached nearly 1.2 million at their peak in mid-March, are now down to 838,000.
In late August, this figure dropped even further to just 744,000, marking the lowest daily tally since 2021.
“The total number of active addresses on the Bitcoin network hit new lows in 2024, reaching levels similar to three years ago when Bitcoin was trading at around $45,000,” wrote CryptoQuant contributor Gaah.
He added that fewer active addresses indicate a decline in network activity, meaning fewer transactions are taking place, which may signal a lack of interest in using the network.
The decrease in Bitcoin’s active address count comes amid a broader frustration in the crypto market, where Bitcoin’s price has been unable to establish any clear trend.
Active addresses on the $BTC network hit new lows in 2024
“Active addresses on the #Bitcoin network hit new lows in 2024, reaching the same level as 3 years ago, when the price of BTC was quoted at around $45,000.” – By @gaah_im
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