The chief crypto analyst of financial services platform Real Vision says that an on-chain metric indicates a bullish outlook for crypto.
In a post on social media platform X, Jamie Coutts says blockchains are seeing a surge in daily active users (DAU), a metric indicating unique user engagement with a platform over a period of 24 hours.
The DAU of an aggregate of 22 blockchains rose by 132.8% over the past six months and 117.4% over the last three months.
“Blockchains ranked by 3-month Daily Active Users (14d avg) growth.
Total DAUs 20% to 12.8 million over the period, while smart contract platform prices fell on average -36%.”
Decentralized layer-1 blockchain and smart contract platform SUI saw the highest increase in DAU. Daily active users interacting with the network is up 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 significantly underperformed large-cap digital assets. Despite the slump, Coutts says the DAU metric is currently flashing a positive sign for crypto as the market cap for layer-1 blockchains tends to increase when daily active users go up.
“Prices may have been overdone leading into the March/April top. However, user acquisition continues unabated, which is exactly what you would expect for an exponential asset/technology.
The current trajectory is for 20 million crypto DAUs by EOY (end-of-year) or approx. 200 million MAUs (monthly active users). Bullish.”
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