Jamie Coutts, the chief crypto analyst at Real Vision, has shared a bullish perspective on the crypto market based on a surge in daily active users (DAU) across various blockchains.
Key Insights from Jamie Coutts
In a recent post on the social media platform X, Coutts highlighted significant growth in the number of unique users engaging with blockchains daily. Here are the key points:
– DAU Growth Across Blockchains: The daily active users for an aggregate of 22 blockchains have increased by 132.8% over the past six months and by 117.4% over the past three months.
– Total DAU Increase: There has been a 20% rise in total DAUs, reaching 12.8 million, even as the prices of smart contract platforms fell on average by 36%.
Top Performers
SUI Blockchain
This decentralized layer-1 blockchain and smart contract platform saw the highest increase in DAU, with a 1,957.4% rise over the past six months and a staggering 3,503.4% increase over the past three months.
Mantle
An Ethereum layer-2 scaling solution, Mantle reported a DAU increase of 231.3% over the past six months and 518.1% over the past three months.
Market Implications
Despite a recent underperformance of low-cap altcoins compared to large-cap digital assets, the growing user engagement suggests a positive outlook. Coutts noted:
“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.”
Future Projections
Coutts is optimistic about the future growth of the crypto market:
– DAU Trajectory: The current trend indicates a trajectory of reaching 20 million DAUs by the end of the year.
– Monthly Active Users (MAU): This translates to approximately 200 million MAUs, reinforcing a bullish outlook for the crypto market.
The increasing DAUs highlight a growing adoption and user engagement in the crypto ecosystem, suggesting potential for significant market cap growth for layer-1 blockchains as user acquisition continues.
Jamie Coutts’ analysis underscores a robust and growing engagement within the crypto market, despite recent price downturns. The surge in daily active users across major blockchains is a positive indicator of continued interest and adoption, painting a bullish picture for the future of digital assets.
