According to Odaily, data from IntoTheBlock reveals a significant drop in the active address ratio of the Bitcoin network, reaching a low of 1.22%. This is the lowest level since November 2010. In addition, the total number of active wallets has also hit a multi-year low. As of May 27, the number of weekly active addresses was recorded at 614,770, marking the lowest point since December 2018.
The decrease in active addresses and wallets indicates a decline in Bitcoin network activity. This could be attributed to various factors, including market volatility, regulatory changes, or shifts in investor sentiment. However, it's important to note that these figures do not necessarily reflect a decrease in the overall value or popularity of Bitcoin. They simply represent a decrease in the number of active addresses and wallets, which could be temporary or part of a larger trend.
The Bitcoin network's performance and activity levels are closely watched by investors and analysts as they can provide valuable insights into the market's current state and potential future trends. Despite the recent drop in active addresses, Bitcoin remains a dominant player in the cryptocurrency market, and its performance can significantly impact the broader digital currency landscape.
