đđThe number of new addresses is increasing in Bitcoin (BTC): Bull sign! đđ
Bitcoin (BTC), despite the declines in the market, the number of new addresses in its network has reached the highest level in the last two months.
On Friday, July 5, more than 317,000 new addresses were added to the Bitcoin network. This increase is significant because the value of BTC dropped by more than 10% during the same period. Average transaction fees on Bitcoin fell to $1.75 on the seven-day moving average. Ethereum, on the other hand, remained at $2.50 in average transaction fees during this period. The total transaction fees paid in Bitcoin remained quite low compared to Ethereum; $1 million at the seven-day moving average, one-third the size of Ethereum.
This discrepancy highlights interesting dynamics in the Bitcoin network. As new participants join the network, they do not currently result in high transaction fees or increased on-chain activity.
From a price performance perspective, Ethereum (ETH) has been weak compared to Bitcoin. Although activities on the Ethereum network stand out, Bitcoin displays a stronger price outlook. However, this situation may change in the near term. A new bull market in ETH can be observed as Ethereum spot ETFs begin trading.
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