Journalist
Posted:
- Bitcoin transactions rose to over 703,000.
- BTC has maintained the $26,000 price range as active addresses remained stable.
Bitcoin [BTC] saw an unprecedented increase in transaction activity last week, which fits in perfectly with a remarkable price increase. After this remarkable achievement, what has been the subsequent performance of the award and other key metrics?
Read Bitcoin’s [BTC] Price forecast 2023-24
Bitcoin breaks transaction record
According to IntoTheBlock, the number of reported transactions for Bitcoin has increased to approximately 703,000. Moreover, this figure was not only the highest in 2023, but also the highest transaction volume in almost two years.
It is worth noting that this increase in transactions occurred simultaneously with Bitcoin reaching the $26,000 price level.
Historical milestone: Bitcoin processed a record number of 703,000 transactions on Friday.
🔗https://t.co/n7lvDvAgct pic.twitter.com/TTw7zI1AAE— IntoTheBlock (@intotheblock) September 18, 2023
How the volume went
An examination of the Bitcoin volume metrics on Santiment revealed an interesting observation: there was no corresponding volume spike to match the increase in transactions on September 15.
The chart also indicated that volume remained relatively stable at around $12.7 billion during that period. However, it subsequently experienced a decline, reaching approximately $6.7 billion on September 17. At the time of writing, volume topped $15 billion.
Source: Santiment
Active addresses see an immediate impact
Interestingly, the increase in Bitcoin transactions had an immediate impact on daily active addresses. When examining the daily active address statistic on Santiment, it became clear that it too saw a spike, surpassing 1.2 million on September 15.
This figure marked the highest number of active addresses in almost eight months. At the time of writing this, there were over 300,000 active addresses every day, and this number increased throughout the day.
Source: Santiment
BTC maintains a slightly bullish trend
An examination of Bitcoin’s daily timeframe chart shows that it has managed to maintain its position around the $26,000 price level even after some setbacks over the weekend.
How much are 1,10,100 BTCs worth today?
At the time of writing, the stock was trading at around $26,800, reflecting a modest price increase of less than 1%. In the previous trading session, it closed with a 1% gain.
Source: TradingView
Moreover, when observing the Moving Average Convergence Divergence (MACD) indicator, it was clear that BTC was in a small bullish trend at the time of writing. The trend was also above the zero line, indicating a positive price trend for the king coin.