The principal cryptocurrency analyst at Real Vision’s financial services platform highlights a bullish crypto outlook based on an on-chain metric.

Jamie Coutts, in a recent post on X, discusses a surge in daily active users (DAU) across various blockchains. DAU measures the unique user engagement with a platform over a 24-hour period. Over the past six months, the DAU across a combined total of 22 blockchains increased by 132.8%, with a notable rise of 117.4% over the last three months.

“Blockchains ranked by 3-month Daily Active Users (14d avg) growth.
Total DAUs increased 20% to 12.8 million during this period, while the average prices of smart contract platforms fell by -36%.”

Source: Jamie Coutts/X

Among these, SUI, a decentralized layer-1 blockchain and smart contract platform, recorded the most significant surge in DAU. User interaction with the network spiked by 1,957.4% in the past six months and by 3,503.4% in the last three months. Following closely is Mantle, Ethereum’s layer-2 scaling solution (ETH), with a DAU increase of 231.3% over six months and 518.1% over three months.

Despite a recent decline in low-cap altcoins compared to large-cap digital assets, Coutts emphasizes that the DAU metric currently signals positivity for crypto markets. Historical data suggests that an increase in daily active users correlates with higher market capitalization for layer-1 blockchains.

“While prices may have seen exaggerated movements leading up to the March/April peak, the acquisition of new users continues unabated, typical of exponential asset/technology growth. The trajectory points towards 20 million crypto DAUs by the end of the year, translating to approximately 200 million monthly active users. Bullish.”

Source: Jamie Coutts/X

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Source: Jamie Coutts/X

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