Bitcoin Network Activity Hits 6-Month High – Is Demand Back?
Bitcoin is trading just below the psychological $100K mark, facing a critical test as bulls attempt to sustain the recovery rally. After weeks of strong upside momentum, the market has now entered a decisive phase, where a breakout above $100K could trigger a wave of renewed buying interest and potentially mark the start of a […]
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On-chain data shows the average transaction fees on the Ethereum network have hit a 4-month high as user activity has spiked. Ethereum Average Fees Recently Hit The $5.72 Mark According to data from the on-chain analytics firm Santiment, the transaction fees on the ETH network have shot up as the cryptocurrency has recently broken above […]
Ethereum gas fee had run-up to some of the highest levels back in 2021. Mostly, this was caused by the growth of the decentralized finance (DeFi) and non-fungible tokens (NFTs) space that saw activity on the network spike significantly. This had continued for the better part of the year but as the market has ushered in the new year, activity on the network has begun to stabilize, seeing Ethereum fees drop. Ethereum Fees Drop To Eight-Month Low Ethereum fees have been steadily dropping for the last couple of months. Some of this has to do with the recent bear trend that has seen momentum....
According to a recent CryptoQuant Research post, Bitcoin (BTC) network activity has slumped to a 12-month low, with CryptoQuant’s Bitcoin Network Activity Index currently at its lowest level since February 2024. Bitcoin Network Activity Drops As Market Consolidates Data from CryptoQuant’s Bitcoin Network Activity Index shows that activity has declined by 15% from its peak in November 2024. As of February 5, the Index stands at 3,760, marking its lowest level in the past year. Related Reading: Bitcoin 4-Hour RSI Hits Oversold Zone – Is A BTC Rebound Near? The decline in network activity is....
The active supply of Ethereum (ETH), measured on a 6-12 month timeframe, has dipped to its 17-month low. Data fetched by Glassnode shows that there are now over 15.1 million ETH available for accumulation even as the demand for the cryptocurrency grows ahead of its much-awaited protocol migration to proof-of-stake. At its periodic high, the […]
Anyone paying attention to Bitcoin in the past months will notice a subtle, but importance change in its fundamentals. As BTC’s price made its way back to May’s high, just before the first capitulation event, there was an uptick in on-chain activity. Related Reading | On-Chain Data Shows Bitcoin Miners Hold Off On Selling Despite BTC Rallying Above $57k Unlike the sell-off period that occurred from May to end of July 2021, there was an increase in Bitcoin transactions. This rise led to an increment in network fees, as shown by explorer Mempool.space. At the time of writing, a high....