Bitcoin On-Chain Metrics Strongest Among Peers - Kraken

cryptonews.com:

Key on-chain metrics tracked by the crypto exchange Kraken show that the Bitcoin (BTC) network last month had healthier on-chain fundamentals than most other blockchain networks, according to a monthly report for April.

The metrics looked at in the report included transaction fees, transaction count, active addresses, new addresses, and circulating supply growth, among other things. And according to the report, the metrics show that in general, cryptoasset network demand has declined “in April and all of 2022.”

Still, the Bitcoin network stood out among its peers, having “outperformed the observed cohort,” according to Kraken. One notable example of this, per the report, was the network transaction volume, which so far in 2022 has dropped 79.7% for Algorand (ALGO), 73.6% for Polkadot (DOT), 19.9% for Ethereum (ETH), and 2.9% for Dogecoin (DOGE).

In comparison, the daily on-chain transfer volume in US dollar terms on the Bitcoin network rose by 89.3% this year, as the only network tracked with positive growth in this metric. For the month of April, meanwhile, Bitcoin and Dogecoin were the only two networks that saw increased transfer volumes, rising by 55.9% and 132%, respectively, compared to the previous month.

Compared to April last year, however, none of the blockchain networks tracked saw their transaction volume rise.

Similarly, the number of active addresses rose by 11.8% for Bitcoin month-over-month in April, while Solana (SOL) saw the strongest growth in the group with 93.1%. Other networks, including Ethereum, Algorand, and Polkadot saw declines in the number of active addresses in April compared to the same month last year.

Lastly, the report said that on-chain indicators such as the Spent Output Profit Ratio (SOPR)