The number of active addresses on the Bitcoin network has fallen by about 60% in the previous six weeks, from 1.3 million to around 500,000.
This dip in activity means that Ethereum overtook Bitcoin by number of active addresses, as the Ethereum network now hosts about 200,000 more active wallets than Bitcoin.
Ethereum surpassed Bitcoin on June 5th and 6th. The last time that Ethereum took the lead was in early 2017.
It has also been noted that the active addresses on Bitcoin have fallen to their lowest level since April 2020.
There are several factors responsible for this, such as the 50% sell-off that followed Bitcoin’s all-time highs in May and the following sideways market action, plus the dip in network hash rate after China started shutting down mining operations.
The active addresses on Ethereum have grown by 9% over the previous week and reached 700,000. This is despite the fact that the price of ETH fell by over 10%. Nonetheless, this is still far from the highest number of active addresses on Ethereum, which was recorded in early April – back then, there were 900,000 active addresses, more than 22% compared to now.
Ethereum is also dominating Bitcoin when it comes to transaction fee revenue and total transaction count.