January 6, 8:43 am
Despite challenging economic conditions and significant global headwinds, 2023 has been a fantastic year for cryptocurrencies. All the largest cryptos saw double and triple-digit price growth, with Solana and Avalanche as the top performers. The 2023 crypto price rally drove impressive trading activity in the crypto space and caused a surge in the number of active addresses. But when it comes to cryptos with the highest trading activity, TRON was the absolute winner.
According to data presented by AltIndex.com, TRON hit over 1.6 million daily active addresses last month, or two times more than the world's largest cryptocurrency, Bitcoin.
Bitcoin's price rally and the huge attention it got from mainstream investors last year have helped the world's largest crypto to regain all its losses from 2022 and reshape the global perception of digital assets. The surging interest in BTC drove a lot of activity in Bitcoin's network, causing the number of active addresses to jump by 2.6 million year-over-year, the first recovery after two years of decline.
But according to Statista and Coin Metrics data, Bitcoin's average daily trading volume was far behind that of TRON (TRX), a cryptocurrency that once was a part of Ethereum and is mainly associated with a protocol for hosting Tether and Decentralized Finance. Statistics show more than 1.6 million addresses actively sent or received TRX coins each day on the blockchain last month, the highest number in the crypto space. Bitcoin ranked second, with almost 800,000 less daily active addresses.
BTC hit an average of 870,000 addresses in December, a figure that resembles how many unique users were actively buying or selling BTC. Litecoin hit over 754,000 active daily addresses that month, ranking third on this list, and Ethereum followed with 478,500. Other cryptocurrencies, like Stellar, Dogecoin, and Bitcoin Cash, saw a much smaller number of daily active addresses, standing between 90,000 and 110,000.
The surge in the number of addresses buying and selling TRX coins has been driven by the crypto's impressive performance in 2023. The CoinMarketCap data show TRON was the fifth best-performing crypto in the top 10 club last year with a 95% price growth, following Cardano, Bitcoin, Avalanche and Solana.
In December 2022, the Price of a single TRX coin stood at $0.05. at the time of writing, it was $0.11. This impressive price surge has helped the world's twelfth-largest cryptocurrency to add more than $4bn to its market cap, rising from roughly $5bn in December 2022 to over $9.5bn last month.
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The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
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