Bitcoin’s 2022 Bear Market Differed in One Critical Way Compared to Its 2018 Slump: Crypto Analyst Jamie Coutts


Former Bloomberg Intelligence analyst Jamie Coutts says one metric shows a key difference between Bitcoin’s (BTC) bearish phases in 2018 and 2022.

Coutts says that the number of BTC accumulation addresses soared in the 2022 bear market, while they decreased in the 2018 BTC market slump.

According to Coutts, the increase in accumulation addresses indicates a stronger belief in the future of Bitcoin.

“One of these Bitcoin bear markets is not like the other.

Accumulation addresses (bought twice and never sold):

2018: -20%

2022: +60%


Source: Jamie Coutts/X

Bitcoin is trading for $38,825 at time of writing, up 2.8% in the last 24 hours.

Another big difference in the crypto space over the past several years, says Coutts, is that there was a massive increase in daily active users (DAUs), which is the number of unique addresses transacting on a blockchain each day.

“Crypto daily active users in layer-1s/layer-2s:

2019: 200,000

2023: 5,000,000

Four-year CAGR (compound annual growth rate): 123%.

Let’s see where this goes.”

Source: Jamie Coutts/X

Coutts predicts that artificial intelligence (AI) technology will accelerate crypto adoption and help DAU soar to nearly 400 million in 2030.

“Several key drivers are coalescing behind the re-acceleration of blockchain adoption as the technology steadily embeds itself into the fabric of our digital era. The role AI will play in the future of blockchain will be a major swing factor in that adoption arc.”

Blockchain Daily Active Users (DAU)
Source: Jamie Coutts/X

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3


Source link

Related posts

Leave a Comment