The leading crypto analyst at the financial services platform Real Vision has identified an on-chain metric that suggests a bullish future for cryptocurrencies.
In a post on social media platform X, Jamie Coutts highlighted a significant rise in daily active users (DAU) on blockchains, a key indicator of unique user engagement over a 24-hour period.
Over the past six months, the DAU across a collective of 22 blockchains increased by 132.8%, and by 117.4% over the last three months.
“Blockchains ranked by 3-month Daily Active Users (14-day average) growth.
Total DAUs increased by 20% to 12.8 million during this period, despite an average 36% drop in smart contract platform prices.”
Source: Jamie Coutts/X
The decentralized layer-1 blockchain and smart contract platform SUI experienced the most significant DAU increase, with a surge of 1,957.4% in the past six months and 3,503.4% in the past three months. Following SUI, Ethereum (ETH) layer-2 scaling solution Mantle saw a DAU increase of 231.3% over the past six months and 518.1% over the past three months.
Last week, low-cap altcoins considerably underperformed compared to large-cap digital assets. Despite this decline, Coutts pointed out that the DAU metric remains a positive indicator for crypto, as the market cap for layer-1 blockchains tends to grow when daily active users increase.
“Prices may have been exaggerated leading up to the March/April peak. However, user acquisition remains strong, which is typical for an exponential asset/technology. The current trend suggests 20 million crypto DAUs by the end of the year, or approximately 200 million monthly active users (MAUs). Bullish.”
Source: Jamie Coutts/X
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