Bitcoin’s active addresses fall below Ethereum’s after 60% drop in six weeks
Ethereum flips Bitcoin by another metric as active addresses plummet. The number of addresses active on the Bitcoin network has crashed roughly 60% in the past six weeks from 1.3 million to roughly 500,000. The collapse in activity has seen Ethereum overtake Bitcoin by the number of active addresses, with the Ethereum network hosting roughly 200,000 more active wallets than Bitcoin on Friday. It is the third time in a month that Ethereum has overtaken Bitcoin by the metric, also happening on June 5, 2021, and June 6, 2021. The previous time Ethereum was in the lead was at the beginning of 2017.
Twitter analyst Mr. Whale — known for his bearish takes — also noted that Bitcoin’s active addresses have fallen to their lowest level since April 2020 based on a weekly moving average.
Several factors may be contributing to the aggressive drop in active Bitcoin addresses, including the more-than-50% sell-off that followed Bitcoin’s (BTC) all-time highs in May and subsequent sideways market action and the massive crash in network hash rate amid China’s latest crackdown on local Bitcoin mining operations. Ethereum’s active addresses increased by more than 9% over the past week to tag 700,000 despite the price of Ether (ETH) falling more than 10%. However, active Ethereum addresses are still down 22% from their early April peak of 900,000.
Flippening watch
Active addresses is the latest metric by which Ethereum has overtaken Bitcoin, with Blockchain Center’s Flippening Index estimating Ethereum’s transaction fee revenue leads by more than 300%, while total transaction count is ahead by nearly 500%.
However, Bitcoin has also reclaimed a lead in both trading and transaction volumes after recently falling behind Ethereum.
According to a June 23 report from on-chain analytics provider Glassnode, the total number of unique addresses interacting with DeFi protocols has continued to climb since May, suggesting decentralized finance (DeFi) activity was rising despite the broader crypto meta-trend. The data shows a nearly 40% increase in the number of wallets that have interacted with DeFi protocols since the start of May, pushing the total user count up to more than 2.9 million. As such, persistent demand for DeFi from new users may explain Ethereum’s recent strength in network activity relative to Bitcoin’s.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 71.2% | 61 | $41 781.93 | -1.20% | -2.04% | $791 088 078 889 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 64.4% | 76 | $3 104.92 | -3.07% | -4.08% | $370 163 071 496 |  |
|
| 3 |  USDT |
Tether predictions | 96% | 1 | $1.000442 | 0% | 0.02% | $78 349 190 476 |  |
|
| 4 |  BNB |
Binance Coin predictions | 70% | 60 | $462.66 | -2.57% | 0.34% | $76 392 115 063 |  |
|
| 5 |  ADA |
Cardano predictions | 76% | 52 | $1.41 | -10.09% | 16.06% | $47 131 349 412 |  |
|
| 6 |  USDC |
USD Coin predictions | 96% | 1 | $0.999818 | -0.07% | 0.01% | $45 754 530 091 |  |
|
| 7 |  SOL |
Solana predictions | 62.8% | 81 | $138.01 | -1.88% | -1.19% | $43 357 154 185 |  |
|
| 8 |  XRP |
XRP predictions | 69.2% | 65 | $0.743566 | -2.42% | -2.66% | $35 440 659 267 |  |
|
| 9 |  LUNA |
Terra predictions | 74% | 57 | $77.07 | -0.63% | 2.61% | $27 568 221 274 |  |
|
| 10 |  DOT |
Polkadot predictions | 73.2% | 51 | $24.34 | -4.48% | -6.31% | $24 040 494 775 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 75.2% | 45 | $0.166796 | -2.47% | 8.84% | $22 128 901 943 |  |
|
| 12 |  AVAX |
Avalanche predictions | 61.2% | 79 | $84.45 | -2.78% | -7.81% | $20 636 453 390 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 70% | 63 | $0.000028 | -3.69% | -2.92% | $15 307 020 912 |  |
|
| 14 |  MATIC |
Polygon predictions | 68.4% | 59 | $2.08 | -6.22% | -11.45% | $15 177 353 942 |  |
|
| 15 |  BUSD |
Binance USD predictions | 90.8% | 1 | $0.998835 | -0.12% | -0.19% | $14 198 835 768 |  |
