Coin Metrics: Daily Active Bitcoin Addresses Exceed 1 Million

Last week, the number of daily active Bitcoin addresses exceeded one million for the first time since 2018. Heightof this indicator indicates that the bull market has come and is not going to end.

According to data collected by expertsCoin Metrics, Ethereum could surpass its all-time high if the bull market continues. The data shows that Ethereum has reached 626,000 daily active addresses, just 111,000 short of the all-time high set on January 16, 2018. In addition, Coin Metrics notes that transaction fees have increased significantly over the same period. The report said: “transaction fees also continue to rise, indicating growing demand.”

In a bull market, the bitcoin network, as welllike the Ethereum network, it is overflowing with unconfirmed transactions. Miners are reacting to this situation by giving preference to transactions with higher fees. However, as the number of transactions decreases, transaction fees also decrease.

A report that supports this theory,demonstrates that the Ethereum network generated more fees in the last week than the Bitcoin network - on average, daily fees on the network were at $ 2 million. But Bitcoin is catching up with its rival, as daily transaction fees on the first cryptocurrency network rose 67.4% over the week, compared to 28.7% growth for Ethereum.

Also, the market cap is like bitcoin,and Ethereum, rallied to “new 2020 highs” after exiting its March peak. At the time of publication, Bitcoin's market capitalization was $ 217 billion, while Ethereum was at $ 44 billion.

The report shows that stablecoins are also on the rise. The market capitalization of stablecoins increased by more than 400 million to more than 11.5 billion.

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