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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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 […]
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 […]
Typically, higher on-chain Bitcoin activity comes with a rising price and vice versa.
On-chain data is showing more and more similarities to mid- and late-2020 — the springboard period for the Ether and Bitcoin bull market. Bitcoin (BTC) and Ether (ETH) have started showing “remarkable” bullish divergences that echo the start of bullish price trends.That’s according to the latest data collected by on-chain analytics firm Glassnode this week. BTC, ETH data mimics “mid to late 2020”In its latest weekly report, “The Week On-chain,” Glassnode revealed that while price action remains quiet, on-chain metrics suggest that it could well be lagging behind much more bullish....
The current crypto market climate has seen bitcoin on-chain activity light up like a Christmas tree. All across the board, on-chain activity is surging. This is a result of the recent dips and recovery that has investors scampering to move their coins around to either avoid losses or make a profit and that has seen […]