In the same way that price bottoming is analyzed, it is good to observe higher lows during each market downturn, indicating that there is adoption and a new crowd of users willing to continue using and expanding the technology. Analyzing the graphs above, we can see that the top for active addresses both on BTC and ETH was during the first part of the bull run in May 2021.
Ethereum experienced a 63% increase in active addresses, while Bitcoin also experienced around a 14% increase in active addresses since March 2020. Ethereum recorded ~327K addresses on March 8, 2020 compared to 536k addresses on Dec. 5, 2022. Bitcoin number of active addresses on March 8, 2020 was ~826K while on Dec. 5, 2022 it had ~945K. This shows the increase in the number of users after the bull market phased away.
Ultimately, innovation takes time. Crypto protocols have laid the groundwork to overcome the troubles faced. Furthermore, in order to be able to re-establish its long-term growth, the crypto space must continue to expand. Finally, the active user analysis potentially indicates that we are at or near a market cycle bottom for active addresses and therefore at or near the bottom of user reduction.
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