Bitcoin witnessed an extraordinary surge in transaction volume in the past week, coinciding with a mild increase in its price, which broke away from a constrained trajectory.
According to recent data by IntoTheBlock, the number of reported transactions for Bitcoin rose to nearly 703,000, representing the largest number recorded not just in 2023 but also the highest transaction volume witnessed in nearly two years.
Notably, the surge in transactions came amidst Bitcoin reaching the $27,000 price level this week.
Historic Milestone: Bitcoin processed a record-breaking 703K transactions on Friday.🔗https://t.co/n7lvDvAgct pic.twitter.com/TTw7zI1AAE
— IntoTheBlock (@intotheblock) September 18, 2023
Interestingly, the network also witnessed a surge in terms of daily active addresses. Data from Bitinforcharts revealed that the daily active addresses hit a multi-month high, rising from 754,000 two years ago to a whopping 1.08 million on September 15th.
Interestingly, Ethereum briefly surpassed Bitcoin in terms of daily active addresses a day prior.
Despite this increase in on-chain activity, Bitcoin’s trading volume has maintained a relatively consistent level.
Such a trend observation could potentially indicate that the heightened on-chain activities may not have translated into substantial trading actions.
Furthermore, the growing outflow of BTC from exchanges indicates a rising trend of holding and potentially making long-term investments in Bitcoin in the market over this period, as shown in the chart above.
However, the mild price appreciation could imply a much-needed bullish revival for the flagship crypto, which is anticipating its halving event sometime mid-next year.
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