Bitcoin (BTC) Continues Downtrend Despite Daily Transactions Nearing All-Time High
May 01 2023 - 12:00PM
NEWSBTC
While Bitcoin (BTC) has continued a downtrend, the asset has
recently recorded a high volume in daily transactions nearing its
all-time high. According to a report by on-chain analytics provider
Glassnode, “Bitcoin daily transaction counts are approaching
All-time-highs, seeing an explosive uptick in 2023.’ Regardless of
this news, Bitcoin has continued to move downward after its weekend
plateau of trading at just between $29,300. The asset trading
volume has also surged slightly indicating a possible violent
sell-off. Bitcoin Records Daily Transactions Nearing
Peak Levels According to Glassnode, on the 30-day moving average,
Bitcoin daily transactions have reached an amount of 348,700. While
the peak level which was seen in 2017 remains at 379,000
transactions per day. This has proved Bitcoin’s daily transactions
are beginning to near the all-time high last seen about 5 years
ago. Furthermore, according to the Glassnode report, this surge in
Bitcoin daily transactions is thanks to the Ordinal inscriptions.
The Ordinal inscriptions also known as Bitcoin non-fungible tokens
(NFTs), or Ordinals, are inscriptions (digital artifacts) inscribed
on satoshis (sats) – little units of Bitcoin. Glassnode noted the
inscription accounts for approximately 30% to 40% of mined
transactions and 10% to 20% of fees paid. Meanwhile, the remaining
majority of transactions are monetary in nature, frequently
conducted through exchanges. According to Glassnode, compared
to Ordinals activity on the Bitcoin blockchain, BTC exchange
activity is relatively low, representing roughly 30% of fees and
transactions. The trend of creating inscriptions initially gained
popularity in February when users started inscribing NFTs on
satoshis. However, the recent resurgence has been dominated by
inscriptions that are based on text. Glassnode noted: Bitcoin
transaction counts, address activity, Inscriptions, and Mempool
congestion are all elevated. As is the degree of HODLing, and
supply acquired below $30k. Conviction remains. BTC Continues
Downtrend Bitcoin (BTC) is yet to make any significant move in the
past few days. Instead, it has only seemed to pick up from where it
left off in its downward trend in recent weeks. Over the past 24
hours, the top crypto has plummeted nearly 4% with a market price
of $28,435, at the time of writing. This downtrend follows a
notable fall from the $30,000 region in recent weeks. So far,
Bitcoin has a 24-hour range between a low of $28,315 and a high of
$29,944. Meanwhile, the BTC market cap is still in the green while
its trading volume signals selling pressure, indicating a possible
continuous bearish trend. Over the past week, Bitcoin’s
market capitalization has surged from a low of $528 billion on
April 24 to as high as $550 billion as of today. Its trading volume
has also spiked from a daily trading volume of $15.4 billion to
$19.8 billion, over the same time period. Featured image from
Unsplash, Chart from TradingView
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