What do these three Bitcoin charts tell you about its current state?

By fklivestolearn | Technicity | 29 Sep 2023


Although the transaction volume YoY has declined in the premier crypto, BTC active addresses & transaction count continue to soar

Cryptocurrency markets experienced a significant surge on Thursday. The price of bitcoin (BTC) surpassed the $27,000 mark, reaching nearly $27,300, and was trading at $27,017 at the time of this report, marking a 3.2% increase over the past 24 hours. Ether (ETH) performed even better than bitcoin, with a 4.8% gain, reaching $1,660. This surge was attributed to growing investor optimism regarding the potential approval of a futures-based exchange-traded fund (ETF) in the U.S.

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There were reports that the U.S. Securities and Exchange Commission (SEC) had requested ETF applicants to update their applications, potentially enabling them to gain approval and commence trading next week, possibly due to concerns about an impending government shutdown. Furthermore, VanEck submitted documentation for its own futures-based ETF for Ethereum (ETH), joining other previously submitted applications from firms like Grayscale, ProShares, and Bitwise, among others.

With that in mind, let’s look at how three key metrics have performed in the past 12 months (charts above). Bitcoin’s daily transaction count remained relatively stable, ranging from 200,000 to 250,000 transactions from 2001 to 2022. However, with the introduction of Inscriptions, there has been a significant surge in this number. In September, the daily transaction count soared to 522,000, reflecting a 12% increase compared to the previous month.

Additionally, there has been a noticeable uptick in active addresses. After staying around the 1 million mark for the past year, the daily average count reached 1.04 million in September, marking a 9% increase compared to August. Despite the increase in daily transactions and active addresses, the overall transaction volume on the Bitcoin Network has been steadily decreasing for more than two years.

In September, the network witnessed the transfer of $70 billion, which represented a significant 32% decrease compared to the previous month. Needless to say, while a subdued price action might be responsible for the transaction volume, a wider mainstream adoption has caused an increase in BTC active addresses and transaction count.

 Originally Published on Medium

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fklivestolearn
fklivestolearn

I am a prolific Blogger on Substack/Medium with my daily newsletter. Extensive trading experience in Forex & Stocks based on technical studies. Cryptocurrency trader and Enthusiast, Blockchain/Fintech Evangelist & generally just a Technology Freak.


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