To separate the signal from the noise, the Kraken Intelligence team analyzes on-chain data to bring you the latest insights into the ever-changing world of cryptoassets.
Download the September on-chain report, “End of Summer Sale,” to learn why market participants remain optimistic (even in the face of a $10k red candle), what was behind recent weakness in the price of BTC and how a new hard fork is impacting Ethereum mining.
Bitcoin’s Back
It looks like things are back on track for Bitcoin; it hit a one-year low in monthly active entities in mid-July, but network demand is rising once more (as evidenced by a 16%+ increase in monthly active addresses).
In the same period, China’s crackdown on miners caused hash rate to plummet, though a rebound suggests that miners are coming back online and a new all-time high could be around the corner. Moreover, miner outflows have fallen -42.4% since the start of the month, indicating that BTC miners are holding despite September weakness.
Burning by the Billions
A staggering $1 billion in ETH has been burned since Ethereum’s London hard fork went live in early August. Though the latest upgrade was thought to deter miners, on-chain data indicates that ETH miner demand remains strong. The network’s hash power and miner holdings reached new all-time highs on September 21st, with miner revenue reaching as high as $70 million earlier this month on the back of strong demand for NFTs and optimism over the network’s future.
A New Wave of HODLers
Things are heating up on other blockchains. Cardano’s Alonzo hard fork, which introduced smart contracts, has been credited with driving its market cap up by 56%, its active addresses by 74% and its transaction count by 123% over the last month.
An average of +20% active addresses have been identified across the board and assets like DOT and ADA have seen their number of hodlers increase on average +33% and +27%, respectively.
Download this month’s Kraken Intelligence On-Chain report to keep on top of the most important trends in crypto.
VIP clients are the first to receive Kraken Intelligence reports. If you’d like access to our newsletter or want to start trading, get the resources crypto investors worldwide trust.
Like this:Like Loading…
Source link
