Bitcoin Wealth Code: How Bitcoin, the Tenacious, Attacks Ethereum | Tokenview

On-chain data often reflects the true state of a blockchain network. We aim to identify potential projects in the complex market through comparison and analysis.

In June, the number of active addresses for Bitcoin was 25.4085 million, showing a decrease of 4.42% compared to May. The continuously narrowing volatility range seems to erode the patience of investors in the stagnant market.

However, the good news is that starting from mid-June, on-chain activity has been strengthening. On June 11th and 23rd, the daily number of active addresses exceeded 1 million. On July 1st, it reached the highest level in nearly two years. The consistently high number of addresses may suggest that the market is poised for the next trend.

After maintaining five consecutive months of growth, the number of active addresses on Ethereum saw a slight decline of 0.62% in June. However, overall, Ethereum's metrics have been quite impressive in the first half of the year, with some indicators even surpassing those of Bitcoin, as will be discussed later in this document.

In some sizable projects, Nav, Bsv, and Zcl experienced significant volatility, increasing by 1019.02%, 81.42%, and 50.22% respectively compared to May. Generally, significant fluctuations in new and active addresses imply an increase in on-chain transfer activity, making them worthy of attention.

The volatility of the new address count shows a clear positive correlation with the number of active addresses. In June, Bitcoin had 12.8549 million new addresses, a decrease of 0.87% compared to May. Ethereum had 4.0397 million new addresses, also decreasing by 5.74% from May.

In mainstream projects, Bsv, Wan, and Iost experienced increases of 196.93%, 94.39%, and 55.05%, respectively, in the number of new addresses compared to May. The significant rise in new addresses can be attributed to various reasons, such as stress testing, major upgrades, or updates. Generally, such increases can be viewed as mid-term positive indicators.

Ethereum's transaction fees have become a recurring topic. With the continued popularity of various applications on Ethereum, on-chain transaction fees in June exceeded those of Bitcoin, reaching 21.8286 million USD, an increase of 120.54% compared to May.

After the brief period of high fees following Bitcoin's halving in May, the total network transaction fees for Bitcoin in June amounted to 11.2494 million USD. On one hand, the reduced post-halving rewards contributed to this decrease in income for miners, and on the other hand, the market's sideways movement might have made it challenging for miners.

Among projects with a certain scale, the ones that experienced a significant increase in on-chain transaction fees were Beam, Xvg, and Nav mentioned earlier, rising by 641.18%, 266.92%, and 213.79% respectively compared to May. Unlike new and active address counts, transaction fees may provide a better reflection of real on-chain activity. The consequences of the rise in transaction fees can, at least to some extent, be observed from Ethereum's recent performance.

In terms of transaction count, among the top five public blockchains, except for Ethereum, there was a certain degree of decline in the number of transactions in June. Beyond the top five, the data fluctuations of some projects have caught our attention.

In the months leading up to June, RVN usually had around 40,000 transactions, but in June, the transaction count surged to 2,490,400. The former Binance star recently announced a network upgrade, supporting the creation of smart contracts. However, whether the market trend can keep up remains to be observed.

The transaction counts of NEO and ONT increased by 22.57% and 15.23%, respectively, compared to May, reaching new highs since February of this year. Considering the recent resurgence in the concept of domestic public chains, these two projects might be worth our attention.

As of the end of June, the number of Bitcoin holding addresses reached 43.5248 million, an increase of 0.56% compared to the previous month. Ethereum's corresponding figure reached 43.0126 million, showing a month-on-month increase of 5.06%. As shown in the above chart, the gap between the two has been continuously narrowing in recent times.

Among mainstream projects, Litecoin's number of holding addresses has decreased for three consecutive months, reaching 3.5591 million at the end of June, a decrease of 10.24% compared to May. Since its halving last year, Litecoin has experienced a period of relative quiet. However, the decrease in the number of holding addresses seems to indicate that Litecoin's chips are consolidating.

Overall, Bitcoin's volatility continued to narrow in June, and the declining on-chain metrics and sluggish market trading volume are testing people's patience. On the other hand, activity on Ethereum is steadily increasing. With the expectations for Ethereum 2.0 in the second half of the year and the gradual expansion of applications like DeFi, many projects related to these concepts have seen decent returns. However, with the gradual rise in on-chain activity at the end of June, the next trend in the Bitcoin market seems to be imminent.