While the cryptocurrency market is calmly recovering, record-breaking on-chain data attracts the attention of investors. While Bitcoin (BTC) volume on the Binance exchange is around one-tenth of the levels in the first quarter of the year, we are encountering new records in on-chain metrics.
According to the post shared by Blockchain activity tracker IntoTheBlock on account X the other day, the number of transactions in the Bitcoin network broke the all-time record with 703 thousand.
According to the chart shared by the platform, the number of daily transactions on the BTC network remained stable until May 2023. The metric, which approached 700 thousand in early May, broke a historical record again today.
The reason for this rise is likely to be due to Ordinals (NFTs produced on the Bitcoin network), which have become popular in recent months. The fact that the daily transfer record occurred while the market is recovering gives hope to cryptocurrency investors.
Bitcoin (BTC) Price
The leading cryptocurrency has been affected by the regulation processes of countries rather than macro data such as inflation and interest, especially in recent months. Bitcoin lost the $28,500-$28,000 support zone a month ago. Then, it moved to the lower level, around $25,000.
After this decline, BTC tried to surpass the old support level towards the beginning of September. However, this market move failed. The bulls failed to push the price back above $28,500. The leading cryptocurrency is moving up and down between these two levels today. If the 28,500 band, which is the old support and the new resistance, is broken, the next target is likely to be around $31,000.
$BTC is currently finding buyers at $27,000.