The chief crypto analyst at financial services platform Real Vision says an on-chain metric indicates a bullish outlook for crypto.
In a post on social media platform say blockchains are seeing an increase in the number of daily active users (DAU), a metric that indicates unique user engagement with a platform over a 24-hour period.
The DAU of a total of 22 blockchains has increased by 132.8% in the last six months and 117.4% in the last three months.
“Blockchains ranked by daily active user growth over a 3-month period (14 days on average).
Total DAUs increased by 20% to 12.8 million over the period, while prices for smart contract platforms fell by -36% on average.
The decentralized layer-1 blockchain and smart contract platform SUI saw the highest increase in DAU. The number of daily active users interacting with the network has increased by 1,957.4% over the past six months and 3,503.4% over the past three months. Ethereum (ETH) layer 2 scaling solution Mantle follows with a DAU increase of 231.3% over the past six months and 518.1% over the past three months.
Last week, low-cap altcoins rose sharply underperformed large-cap digital assets. Despite the slump, Coutts says the DAU metric currently provides a positive signal for crypto, as the market cap for tier-1 blockchains tends to increase as the daily active number of users increases.
“Prices may have been exaggerated in the run-up to the March/April peak. However, user acquisition continues unabated, which is exactly what you would expect from an exponential asset/technology.
The current trajectory is for 20 million crypto DAUs by EOY (year-end) or approximately 200 million MAUs (monthly active users). Bullish.”
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney