The price of Bitcoin and its fundamentals have developed an innate dependence over time, with one direction changing on the graphs corresponding to the other. While many believe that the organic improvement of fundamental properties without the intervention of a price movement is invaluable, the former has rarely taken shape in the industry.
Source: Twitter
Now, according to the latest data Santiment, while daily active addresses of Bitcoin have recorded a high of 1.05 million active addresses on June 10. Since then, the number of daily metrics noted much turbulence Address . The analysis added that, despite the recently hit active addresses, the recent moving average of daily Bitcoin active addresses seemed "promising" compared to 2019.
However, the current "promising" situation could become another disadvantage if the price continues to fall on the charts.
Active addresses dependent on the BTC price since 2017
Source: Glassnode
In recent months, space users have speculated that the recent increase in active Bitcoin addresses was an independent development in 2020, with a positive price movement that only further increased it, without trigger its ascent.
While this is a good tale to follow, time and time again, it has been observed that active addresses strictly follow the track traced by a bullish rally.
Since 2017, the increase in daily active addresses is consistent with the increase in the valuation of Bitcoin , and the same could be said of the upward race in 2019. Despite this, part of the community has continued to believe that the DAA's independent growth would be an important breakthrough as it would involve increased user activity without any notion of price implication.
Unfortunately, the price continues to dictate the story of active addresses on several occasions. Now, in light of the current situation, the "promising" position of the DAA is threatened due to the decline in the value of Bitcoin .
Since June 10, the value of Bitcoin has increased from $ 9,899 to $ 9,124, at the time of the press, and according to its previous history, active addresses have been shaken and inconsistent in the past two weeks. Therefore, despite the appearance of a “promising” position, daily active addresses are expected to fall further in July if the price of Bitcoin does not improve.
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