- Bitcoin’s on-chain activity has surged to levels not seen since April, according to a report by the leading crypto analytics platform, Santiment.
- The report indicates that September saw an average of 1.1 million active Bitcoin addresses daily, marking the highest level since April 2023.
- At the time of writing, the Bitcoin price was at $27,034.24, having experienced a 0.94% drop in the last 24 hours, with a trading volume of $14,041,439,779, down 9.86%.
The report from Santiment suggests that the increase in on-chain activity coincides with a resurgence in Bitcoin, potentially signaling a bull run.
Rising On-Chain Activities in Bitcoin
Bitcoin has seen a notable surge in on-chain activity, reaching levels not seen since April, according to a report by Santiment, a leading crypto analytics platform. As the largest cryptocurrency by market capitalization, Bitcoin has been experiencing increased usage alongside a noticeable rise in the amount of dormant Bitcoin. This marks the third-largest such event in three months. However, at the time of writing, Bitcoin had experienced a decline in price, with investors waiting for the upcoming FOMC meeting.
The increase in dormant Bitcoin corresponds with the cryptocurrency’s market value surpassing the $27,000 mark, reflecting regained investor confidence. Active addresses have consistently remained high during this period, indicating sustained interest in Bitcoin.
The report states that in September, there was an average of 1.1 million active Bitcoin addresses daily, the highest level since April 2023. This resurgence is seen as an indicator of a larger trend where more users are engaging with Bitcoin, further strengthening its position as a leading digital asset.
As Bitcoin’s on-chain activity picks up, the crypto community eagerly awaits whether this resurgence will translate into a significant price increase, emphasizing the dynamic nature of the crypto market.
BTC Price and Analysis
At the time of writing, the Bitcoin price stood at $27,034.24, experiencing a 0.94% decline in the last 24 hours, with a trading volume of $14,041,439,779, down 9.86%. The recent drop indicates that investors are trading cautiously ahead of the Fed’s interest rate announcement scheduled for today.
The market expects the U.S. Federal Reserve to pause its interest rate hike plans, but any other move could dampen sentiment. Analyst Michael Van De Poppe mentioned that the FOMC could trigger “a lot of volatility” in Bitcoin’s price.
However, investors are also considering the possibility of a correction below $26,700 for Bitcoin. He also noted that the current rise to $27,400 sends a bullish signal but cautioned against placing excessive trust in this signal, suggesting that the likelihood of reaching a bottom level has significantly increased.
Another renowned analyst, Ali Martinez, stated that Bitcoin’s bull runs typically follow rising on-chain activity. Despite static prices, the cryptocurrency’s strong on-chain activity suggests an imminent resurgence of the bull run.
