Cryptocurrency ecosystems can fluctuate in many different ways. For Bitcoin Cash, there are some interesting statistics regarding network addresses.
Albeit these fluctuations are normal, they often help paint an overview of the ecosystem as a whole.
Bitcoin Cash Active Addresses
The number of active addresses on a cryptocurrency network tells an interesting tale. Despite most major networks boasting hundreds of thousands of addresses, few of them are used in an active manner. Similar to the price of a crypto asset, these figures will fluctuate as well. For Bitcoin Cash, there are regular ups and downs.
Over the past week, there has been somewhat of a drop-off in this department. Going from just under 49,000 active addresses to 28,296 is quite the difference. These lows and highs are not unique to this ecosystem, however. It is a common trend among most, if not all alternative cryptocurrencies.
It is also interesting to note these numbers do not correlate with the price, at all. A higher BCH price doesn’t mean much in terms of active addresses for Bitcoin Cash. That is rather interesting, and not something most people would expect. Keeping a close eye on these statistics may prove very interesting indeed.
Sending vs Receiving Addresses
Active addresses on a blockchain can be divided into two categories. There are sending and receiving addresses. The sum of both types will usually yield the number of active addresses. How the balance between sending and receiving addresses stacks up, is most peculiar. These figures will be very different from day to day,
In terms of sending addresses, Bitcoin Cash is on a downward trend of sorts. It is not a steep decline, but certainly noticeable. Compared to January 14, when there were 31,857 senders, the figures have dropped to 17,586 on February 8. That is a near 50% decrease in less than a month. There are ups and downs to note along the way, however.
By default, one would expect to see the opposite chart for receiving addresses. That is not the case, although it’s not identical either. There are far more peaks and lows as of late. In the past week, receiving addresses dropped from 41,869 to 20,176. All of this coincides with an ongoing decrease in active addresses over the past week or so.
Bitcoin Cash remains a very active and healthy network. Despite ups and downs, there is a healthy balance between senders and receivers on the network. It is interesting to note how the BCH price doesn’t seem to impact any of this all that much.