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Mar 16
Bitcoin, Ethereum, Binance Coin, and Chainlink have all seen their share of expected growth of addresses interacting on their respective networks. But some have been much more active in contrast to others these past six months.
Below is a chart showing which projects are still showing solid activity through this extended bull run, while others are revealing signs of tapering off in regards to this impactful and predictive metric:
Quick thoughts:
Clearly, Ethereum (in blue) has been showing the most long-term growth among these four juggernaut assets, combined with the least amount of fading.
Bitcoin had its peak right at the beginning of 2021, It hasn't shown a serious decline, but the gradual dropoff back to around 1.10M addresses a day is a concern.
Both Chainlink and Binance Coin have had isolated spikes, with LINK particularly throwing up a caution flag, reverting back to about a 2-month low.
Here's a more zoomed in perspective, for reference:
Feb 19
Feb 18
Feb 10
Altcoins have been surging through February, but Binance's native token, BNB, has zoomed past $100 for the first time at a particularly rapid rate. Below, we look at three of our best metrics to find out why:
Active Addresses
Regular hourly address activity is more than triple where BNB was three months ago. It's hard to envision this rate can continue to last, but very encouraging.
Age Consumed
Three weeks ago, the largest age consumed spike in BNB's three and a half year history occurred. This was an indication that dormant tokens were on the move, and it wasn't surprising to see prices spike fairly quickly afterward.
NVT Ratio (Token Circulation)
A consistently declining NVT ratio is a great sign, and indicates that token circulation is increasing in comparison to BNB's market cap. As long as this 200-day moving average continues lowering, it's a great sign.
Sep 15
References:
ont, bnb, staking - https://www.binance.com/en/support/articles/2f57ec37dc2a4cc99a3dd817a3f1c37b
yfbt - https://yfbit.finance/