Bitcoin's transaction volume has seen a significant surge, logging over 700,000 transactions in a single day this week, according to data from analytics firm IntoTheBlock. This marks the highest number of transactions recorded not just in 2023, but also the highest transaction volume witnessed in nearly two years.
The surge in transactions came as Bitcoin reached the $27,000 price level. The network also saw an increase in the number of daily active addresses. Data from Bitinforcharts revealed that the daily active addresses hit a multi-month high on September 15th, rising from 754,000 two years ago to 1.08 million. Interestingly, Ethereum briefly surpassed Bitcoin in terms of daily active addresses the previous day.
Despite this increase in on-chain activity, Bitcoin’s trading volume has maintained a relatively consistent level, indicating that the heightened on-chain activities may not have translated into substantial trading actions.
In April, Bitcoin's trading volume decreased by almost $700 billion, even though it is historically one of the strongest months for Bitcoin and other cryptocurrencies. Despite reaching over $30,400 on April 18th, its highest level since early June, its monthly gain was only 3 percent. This was significantly less than the 21 percent gain seen in March and much less than gains usually seen in April, according to data by BitcoinCasinos.com.
According to CoinMarketCap data, Bitcoin’s monthly trading volume amounted to $492.9 billion in April, a massive 58 percent less than almost $1.2 trillion seen a month before.
The recent surge in transactions and the mild price appreciation could imply a much-needed bullish revival for the flagship cryptocurrency, which is anticipating its halving event sometime mid-next year.
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