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 | 66.4% | 75 | $17 136.61 | 1.72% | 3.61% | $329 394 279 866 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 64.4% | 73 | $1 287.40 | 1.81% | 7.74% | $157 543 939 698 |  |
|
| 3 |  USDT |
Tether predictions | 95.2% | 1 | $1.000057 | 0.01% | 0.07% | $65 366 394 946 |  |
|
| 4 |  BNB |
Binance Coin predictions | 67.6% | 64 | $296.09 | -1.06% | -0.76% | $47 365 898 356 |  |
|
| 5 |  USDC |
USD Coin predictions | 91.2% | 1 | $1.000083 | 0.01% | -0.01% | $43 257 030 320 |  |
|
| 6 |  BUSD |
Binance USD predictions | 90.8% | 1 | $1.000274 | 0% | -0.03% | $22 221 457 711 |  |
|
| 7 |  XRP |
XRP predictions | 71.2% | 57 | $0.402238 | 0.59% | 6.10% | $20 228 573 518 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 57.6% | 87 | $0.104596 | -0.37% | 29.10% | $13 876 834 543 |  |
|
| 9 |  ADA |
Cardano predictions | 64.8% | 74 | $0.318176 | 1.16% | 1.52% | $10 960 116 359 |  |
|
| 10 |  STETH |
Lido stETH predictions | 90.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  MATIC |
Polygon predictions | 68.4% | 71 | $0.925891 | 6.60% | 9.08% | $8 087 029 117 |  |
|
| 12 |  DOT |
Polkadot predictions | 67.2% | 66 | $5.40 | 0.29% | 0.77% | $6 163 240 357 |  |
|
| 13 |  DAI |
Dai predictions | 93.6% | 1 | $0.999871 | 0.01% | -0.01% | $5 657 536 504 |  |
|
| 14 |  WTRX |
Wrapped TRON predictions | 66.4% | 63 | $0.054728 | 1.69% | 5.13% | $5 564 483 633 |  |
|
| 15 |  LTC |
Litecoin predictions | 64.4% | 78 | $77.28 | -0.94% | -0.04% | $5 543 421 217 |  |
