number of transactions Bitcoin According to data presented by crypto analytics firm Glassnode, the network reached a record high of 682,099 on Monday.
The past few days have seen a surge in numbers Bitcoin Transactions soared past their previous record high of nearly 425,000 printed back in 2019, when bitcoin was priced around $5,500.
Analysts attributed the increase in the number of network transactions to the surge Bitcoin Sequential inscriptions occurring on the non-fungible token (NFT) network.
According to the Crypto Analytics website duneA total of 3.225 million ordinal NFTs have been minted to date, generating $7,394,739 in fees.
jump in Bitcoin Network transactions have helped drive a sharp jump in the bitcoin network’s hash rate (i.e. computing power) to a new record high of nearly 440 hashes per second (Ehs).
While higher transactions, rising hash rate and higher fees are positive signs for all BitcoinAs all suggest the more demand, the stronger and more secure the network, bitcoin bulls should be careful not to get too excited.
This is because other widely followed on-chain indicators related to Bitcoin Network usage is sending a more conservative signal.
These alternative metrics bode less well for BTC price
The seven-day moving average of the number of active addresses interacting with the bitcoin network has dropped to its lowest level since the beginning of January at around 870,000, from just over 1 million per day as recently as the 21st.scheduled tribe April’s
Similarly, the number of new addresses recently fell to a multi-month trough of around 420,000, down sharply from an April high of just north of 516,000.
Meanwhile, the USD-denominated value of on-chain trading volume remains near its lowest level since 2020 and is still below the late 2021/early 2022 highs.
Where next for BTC price?
The above metrics do not affect BTC price on a day-to-day basis, however should be a major pillar of support as the bitcoin bull market matures and network usage is expected to continue to increase, as has been done in the past. In case.
In the near term, the growing bank crisis in the US, the outlook for the US economy (a recession coming later this year?) and the outlook for US monetary policy (will interest rates fall later this year and liquidity increase? ?) action has a greater impact.
Bitcoin is currently in a consolidation mode at the mid-point of its recent $27,000-$31,000ish range from late March to early May.
Regional US bank stocks were back under pressure on Tuesday ahead of another expected rate hike by the Fed on Wednesday, with concerns about a possible US sovereign debt default also bubbling in the background as Congress struggled to agree on raising the debt ceiling. Was staying
If further US banks collapse, it could create more safe-haven demand for bitcoin, permanently catapulting the world’s largest cryptocurrency by market capitalization into $30,000.
Many analysts believe bitcoin is in the early stages of a new bull market, thanks to a series of widely followed signals being sent by on-chain indicatorBy historical market cycle of bitcoinas well as the expected continuation of significant macro tailwinds (such as financial stability concerns).