A cryptocurrency analyst examines the digital asset’s downward trend.
It’s neither a mystery nor a surprise that the greatest crypto asset has had a rough few months, with its price plummeting from its all-time high last year to less than half of its current value.
Furthermore, in a tweet, crypto expert Ali Martinez tracked the number of new Bitcoin addresses established in November. According to the statistics, there has been a considerable dip in recent months, followed by a steep drop on May 23.
According to Martines, the average number of wallets produced on May 24 was 376,488, a considerable reduction from November’s average of almost 450,000 wallets and around 11.41 percent.
Martinez also points out that 23 Bitcoin whales have left the network or divided their holdings in the last ten days. A Bitcoin whale is a person who has 1,000 or more bitcoins, and the number of Bitcoin whales has increased from 2,280 in April to 2,203 in May.
The price of bitcoin is present $28,997.76. At the time of writing, its market capitalization is $548.30 billion. Compared to $1.23 trillion in November of last year, it is clear that it does not have the greatest of circumstances. Many people still believe that this is merely the lull before the storm.