Bitcoin On-Chain Activity Lags Behind Price Action, But Why?
Data reveals that while Bitcoin’s price is shooting up, the on-chain activity hasn’t improved much in the past week. What could be the reason behind this behavior? Bitcoin Breaks $50k, But Activity Lags Behind As per this week’s edition of the Arcane Research report, on-chain activity seems to be slow to recover despite the price of the cryptocurrency jumping high. The metric used for measuring the activity here is the Bitcoin 7-day average number of active addresses indicator, which as its name suggests gives the number of address on the network that saw transactions....
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Historically, the Bitcoin price is an indicator of the blockchain’s health, with high activity often correlating with strong and positive price action. However, the largest cryptocurrency market seems to have witnessed a significant shift, with prices now less responsive to changes in on-chain activity. For instance, the Bitcoin price continues to hold above $95,000 and […]
Bitcoin on-chain activity has been swinging between green and red for a while. This time around, though, after the price of bitcoin had suffered a tremendous loss, the on-chain activity has turned to the downside once more. The decline has cut across the majority of metrics, leading to as large as double-digit declines in some […]
Data from Santiment suggests that three altcoins have recently seen particularly notable bullish action in their address activity. Render, Aave, & Maker Are Altcoins Seeing High Active Addresses Currently In a new post on X, the on-chain analytics firm Santiment discussed the altcoins currently witnessing a significant surge in network activity. The relevant on-chain metric […]
Bitcoin on-chain activity has once again turned green signaling some good tidings for the digital asset. All across the board, metrics have been on the rise with some reaching as high as double-digital increases in the past week alone. The recovery has ranged from daily miner revenues to revenues gained from fees, as well as […]