On Chain Analysis using glassnode
GLASSNODE:BTC_ACTIVEADDRESSES
Bitcoin: The number of unique addresses that were active either as a sender or receiver
This is a quick description for using the Bitcoins Active Addresses from glass node.
This chart is typically not something that makes much sense as it jumps back and forth with a-lot of volatility.
However, apply a 14 Day SMA and you can get idea of the average of all the noise.
I will explain briefly what the noise could mean.
The number of unique addresses that were active in the network either as a sender or receiver. Only addresses that were active in successful transactions are counted.
When bitcoin is performing well through its bullish market the average of the BTC_ACTIVEADDRESSES will perform well along with bitcoin. Being that BTC is all the hype and the number of unique BTC users and active addresses is increasing alongside with bitcoins price.
When bitcoin has reached or near reached its peak this number in the past has started to consolidate prior to BTC high. This may be a sign that "BTC Hype" may be reaching is heigh. Meanwhile a good spike up after a bear market could also potentially indicate the end of a bear market.
Plot this ticker on your graph for yourself and add a SMA 14, is what I used or something similar in nature. See if this could help you in the future in understanding the current strength of CRYPTO market.
Add a BTC chart to a split display to make it easier to compare.
PS - The spike before the lunar Collapse around the 16 of May was a sign that people were actively changing money around.
INDICATOR IDEA - Place a SMA and an Indicator on the SMA around Above 950K. That would be a nice indicator that more people are consistently coming into the network and it is becoming more active, and this also give us a New Higher-Low.
This chart is typically not something that makes much sense as it jumps back and forth with a-lot of volatility.
However, apply a 14 Day SMA and you can get idea of the average of all the noise.
I will explain briefly what the noise could mean.
The number of unique addresses that were active in the network either as a sender or receiver. Only addresses that were active in successful transactions are counted.
When bitcoin is performing well through its bullish market the average of the BTC_ACTIVEADDRESSES will perform well along with bitcoin. Being that BTC is all the hype and the number of unique BTC users and active addresses is increasing alongside with bitcoins price.
When bitcoin has reached or near reached its peak this number in the past has started to consolidate prior to BTC high. This may be a sign that "BTC Hype" may be reaching is heigh. Meanwhile a good spike up after a bear market could also potentially indicate the end of a bear market.
Plot this ticker on your graph for yourself and add a SMA 14, is what I used or something similar in nature. See if this could help you in the future in understanding the current strength of CRYPTO market.
Add a BTC chart to a split display to make it easier to compare.
PS - The spike before the lunar Collapse around the 16 of May was a sign that people were actively changing money around.
INDICATOR IDEA - Place a SMA and an Indicator on the SMA around Above 950K. That would be a nice indicator that more people are consistently coming into the network and it is becoming more active, and this also give us a New Higher-Low.