After analyzing the public chain data in the first half of the year, we found these

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Number of active and new addresses

The number of active Bitcoin addresses in June was 25.4085 million, a decrease of 4.42% from May. The ever-narrowing volatility range seems to be eroding the patience of investors in the stock market.

But the good news is that since mid-June, the activity on the chain has begun to strengthen. The number of single-day active addresses on June 11 and 23 both exceeded 1 million, and on July 1 it reached the highest level in the past two years. A sustained high number of addresses may suggest that the market will usher in the next round of trends.

The number of active addresses of Ethereum also fell slightly by 0.62% in June after maintaining a five-month continuous upward trend. But overall, the performance of Ethereum’s indicators in the first half of the year was quite impressive, and some indicators even surpassed Bitcoin, which will be introduced later.

Among projects with a certain scale, the volatility of Nav, Bsv and Zcl is relatively high, which increased by 1019.02%, 81.42% and 50.22% respectively compared with May. Generally speaking, large fluctuations in new and active addresses mean that the activity of transfers on the chain has increased, and it is worth adding to the watch list.

The fluctuation of the number of new addresses is significantly positively correlated with the number of active addresses. The number of new Bitcoin addresses in June was 12.8549 million, a decrease of 0.87% from May. The number of new Ethereum addresses was 4,039,700, a decrease of 5.74% from May.

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Transaction fee and number of transactions

Ethereum’s transaction fees seem to be a clichéd topic. With the continuous popularity of various applications on Ethereum, Ethereum’s on-chain transaction fees surpassed that of Bitcoin in June, reaching $21.8286 million, an increase of 120.54% from May.

After Bitcoin experienced a short-lived high fee after the halving in May, the total network fee in June was 11.2494 million US dollars. On the one hand, the income after halving is reduced, on the other hand, the market is sideways, and the life of miners may not be easy.

Among the projects with a certain scale, beam, xvg, and the above-mentioned nav saw the highest increase in on-chain fees, which increased by 641.18%, 266.92%, and 213.79% respectively compared with May. Compared with the number of new and active addresses, transaction fees may better reflect the real on-chain activities. As for the consequences caused by the increase in handling fees, at least you can refer to the recent performance of Ethereum.

In terms of the number of transactions, among the top five public chains, except for Ethereum, the number of transactions in June all declined to a certain extent. Outside of the top five, data fluctuations in some projects caught our attention.

The number of transactions of RVN before June is usually around 40,000, but the number of transactions in June reached 2,490,400. The former Binance star recently announced a network upgrade to support the creation of smart contracts, but it remains to be seen whether the market trend can keep up.

Number of currency holding addresses

Number of currency holding addresses

At the end of June, the number of Bitcoin holding addresses reached 43.5248 million, an increase of 0.56% from the previous month. The number of Ethereum reached 43.0126 million, an increase of 5.06% month-on-month. As shown in the figure above, the gap between the two has been narrowing recently.

Among mainstream projects, the number of Litecoin holding addresses has decreased for three consecutive months. The number at the end of June was 3.5591 million, a decrease of 10.24% from May. Litecoin has been quiet since last year's halving. But the reduction in the number of currency-holding addresses seems to mean that Wright's bargaining chips are being concentrated.

Overall, Bitcoin’s volatility continued to narrow in June, while lower on-chain metrics and sluggish market trading volumes are also wearing down people’s patience.

On the other hand, the activity on Ethereum is rising steadily. Coupled with the expectation of Ethereum 2.0 in the second half of the year and the gradual rollout of applications such as Defi, many projects with related concepts have achieved good returns. However, with the gradual increase in activity on the chain at the end of June, the next round of trends in the Bitcoin market seems to be imminent.