Smart contract platforms have hit all-time highs in active addresses amid a price correction – a good sign for the asset class, according to analyst Jamie Coutts.
Citing active address data from analytics platform Artemis, Coutts says the surge during the current price decline is a positive sign.
“The number of daily active addresses for smart contract platforms (SCPs) reaches a record high of 17 million, up from 5 million 12 months ago.
Total market capitalization is down -35% since March, but up 63% from a year ago.
“This is a healthy correction in a secular bull market.”
According to data from Artemis, Solana’s active addresses have been skyrocketing since late 2023 and have since eclipsed Ethereum (ETH). However, Ethereum still outpaces Solana in terms of stablecoin market cap, stablecoin transfer volume, total value locked (TVL), and other metrics.
In a new video update, Coutts says market liquidity is starting to increase, setting Bitcoin (BTC) up for a rally in the last four months of the year, when the flagship cryptocurrency typically performs well.
“I think people who are interested in cryptocurrencies are very focused on the short term. The factors that drive cryptocurrencies in the long term are things like liquidity, and that has certainly improved…
Looking back, I think the conditions are set for a pretty solid fourth quarter. September is always pretty crappy when you look at Bitcoin over the years. But Q4 is when Bitcoin tends to do pretty well, so it could be very dynamic from here on out. Barring any major escalations or unforeseen geopolitical events, I think Q4 will still be a pretty solid quarter.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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