According to analyst Jamie Coutts, the smart contract platform has reached an all-time high in active addresses despite the price correction, which is a good sign for the asset class.
Citing active address data from analytics platform Artemis, Coutts said the current surge amid price declines is a positive sign.
“The daily active addresses metric for the Smart Contract Platform (SCP) has reached an all-time high of 17 million, up from 5 million 12 months ago.
The overall market value is down 35% since March, but up 63% from a year ago.
This is a healthy correction in a long-term bull market.”
According to Artemis data, Solana’s active addresses have been on the rise since late 2023, and have since surpassed Ethereum (ETH). However, Ethereum still leads Solana in stablecoin market cap, stablecoin transfers, total value locked (TVL), and other metrics.
In a new video update, Coutts said that market liquidity has started to increase, which is allowing Bitcoin (BTC) to rally in the last four months of the year, with the leading cryptocurrency performing well across the board.
“I think people in crypto are very focused on the short term. What moves crypto long term is things like liquidity, and that has definitely improved…
“If you look at it broadly, I think Q4 is set to be pretty bullish. If you look at Bitcoin over the last few years, September has always been pretty shaky. But Q4 is when Bitcoin has done pretty well. So from there, trading could pick up. Barring any major escalation or unexpected geopolitical developments, I think Q4 could still be pretty bullish.”
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