As most of the cryptocurrency market has returned to trading in the red after a short period of recovery, public sentiment around the main cryptocurrency on the market, Bitcoin (BTC), is also low.
According to data published by cryptocurrency analyst Ali Martinez, the number of new addresses created on the BTC network has dropped in recent days. On May 24, the number stood at 376,488 on average.
As the chart the cryptocurrency trading expert posted on Twitter shows, the number of new Bitcoin addresses, according to the seven-day moving average before May 20, was around 425,000. That is, there was an 11% drop in less than a week.
Bitcoin address number graph. Source: Glassnode
However, as can be seen from the chart, the number of new Bitcoin addresses has been dropping since December. This shows that cryptocurrency adoption is closely linked to its market cap, which has also dropped.
At the same time, the number of Bitcoin whales, or addresses with at least 1,000 Bitcoins, also recorded losses. This can be considered a bad data. After all, it indicates that even the most avid bitcoiners are getting rid of their coins.
“The number of addresses with a balance of more than 1,000 BTC has decreased by 1.87% since May 12.”
According to Martinez, 23 Bitcoin whales have left the network or given away their holdings in the last ten days.
The number of Bitcoin whales currently stands at 2,203, which represents a significant drop from April when the Bitcoin whale pod totaled around 2,280.
As for the price, Bitcoin is trading well below the $30,000 mark, down more than 4% in the last 7 days and more than 24% in the last 90 days.
Finally, the market cap of the largest cryptocurrency currently stands at $548.30 billion, while the total cryptocurrency market cap is down 4.16% to $1.21 trillion.