According to Longhash’s report on January 24, the number of active Bitcoin wallet addresses over the past 24 hours exceed that of Ethereum, Bitcoin cash, Ripple, and EOS. The data journalism platform also said a true measure of a virtual currency’s popularity is a combination of several metrics other than its market capitalization.
Considering a Range of Factors to Determine Popularity
Per the report, users may easily be swayed by the market cap of a digital asset to mean its popularity. However, one can only judge to a certain degree of accuracy by also considering factors such as its active addresses. According to Longhash, these are the number of addresses that have transacted with its Blockchain within the past 24 hours.
Longhash also said:
Through looking at the number of unique participants engaging with a cryptocurrency, we can better understand its popularity.
Bitcoin Records the Highest Number of Active Addresses
Therefore in their study, they discovered that Bitcoin wallet addresses recorded the highest activity. This is after comparisons were made with four other cryptocurrencies which as at press time, are ranking on the top 5 spots on Coinmarketcap. They are Ripple, Bitcoin Cash, Ethereum, and EOS.
Asides judging from the daily trades, Longhash also stated that the median number of Bitcoin’s active addresses over a seven-day range was 592,090. Also, 400,000 and 800,000 addresses were recorded over the past six months when the bear market took a toil. That being the case, this digital asset has been said to outrank its competitors.
Comparison Between Ethereum’s and Ripple’s Wallet Addresses
Other virtual assets that came in top based on the activity on their Blockchain are Ethereum, Bitcoin cash, Ripple, and EOS. Here, the data platform noted that while XRP has a larger market capitalization in comparison to Ethereum, the latter has more active addresses. Ethereum reportedly had 216,482 active addresses based on the seven-day median calculation while XRP had 5,204.
Also paired to ascertain their level of popularity, were Bitcoin cash and EOS, placed in 4th and 5th positions respectively. Bitcoin cash, for instance, was said to have 19,713 active addresses daily, for the past seven days. In contrast, EOS had 63,326 active wallet addresses whose calculation were based on the daily engagement with its Blockchain.
Journalism Platform Reveals More Data
On January 24, BTCNN reported of Longhash’s data which reveals that Bitcoin’s price volatility has declined over the past year. The digital asset reportedly recorded volatility of about 5 percent in December 2018. Based on the report, this is lower than that of years before 2014.
BTCNN’s report on January 17 curbed from the same platform also reveals that Venezuela and Nigeria are among the top countries trading Bitcoin around the world. Other countries are the U.S, UK, and China. In the same vein, Peru, Iran, and Tanzania have recorded a higher adoption rate in the past year.