Bitcoin attracts attention with its on-chain activity and active addresses, which have risen to levels not seen since April. The cryptocurrency market has experienced a major revival since September 11, and Bitcoin stands out as the pioneer of this rise.
As of April, Bitcoin’s on-chain activity has increased significantly. Transactions between cryptocurrency miners and users are considered an important indicator of the vitality and usage of the network. This increase can be interpreted as a sign of Bitcoin’s revival.
In addition, active addresses also remained at consistently high levels over the same period. ReportIt revealed that an average of 1.1 million active Bitcoin addresses were seen per day in September, reaching its highest level since April 2023. The increase in the number of active addresses shows that Bitcoin is being used and traded by more people. This signals that the cryptocurrency community continues to grow.
📈 #Bitcoin‘s #onchain activity continues to be significantly higher than it has been since April. Utility is notably higher, and the third largest day in dormant $BTC in 3 months also occurred yesterday. The low $27K level is proving to be polarizing. https://t.co/NkcNxfZG3M pic.twitter.com/bFaFf31SUo
NEWS CONTINUES BELOW— Santiment (@santimentfeed) September 20, 2023
As another indicator, the number of dormant Bitcoins also increased. The increase coincides with the cryptocurrency’s market cap surpassing $27,000, reflecting renewed investor confidence.
As Bitcoin’s on-chain activity continues to evolve, the cryptocurrency community is eagerly awaiting whether this resurgence will translate into a significant price increase, underscoring the dynamic nature of the crypto market.
Bitcoin Price
At press time, Bitcoin price is trading at $27,034.24, down 0.94% in the last 24 hours. The recent decline shows that investors are trading cautiously ahead of the Fed’s interest rate increase announcement today.
While investors are waiting for the meeting of the US Federal Open Market Committee (FOMC), the impact of this meeting on the markets is a matter of great curiosity. Analyst Michael Van De Poppe said the FOMC could trigger “a lot of volatility” in Bitcoin price.
Another famous analyst, Ali Martinez, said that Bitcoin’s bull run usually comes after increased on-chain activity. He stated that despite the stagnant prices, the strong on-chain activity of the cryptocurrency is a bullish signal:
“Bull runs are often characterized by increased on-chain activity! This can be noticed when the monthly average (red) of new wallets exceeds the annual average (blue); This indicates that network foundations are strengthening and usage is increasing. Note that BTC on-chain activity is expanding despite stagnant prices, indicating that the BTC bull run may continue soon!”
You can follow the current price movement here.