Bitcoin: Transactions triumph as price holds steady

Posted: September 19, 2023

• Bitcoin transactions spiked to over 703,0000.
• BTC has maintained the $26,000 price range as active addresses remained stable.

Bitcoin [BTC] experienced an unprecedented surge in transaction activity during the previous week, aligning perfectly with a notable uptick in its price. Following this remarkable achievement, what has been the subsequent performance of its price and other key metrics?

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin breaks transaction record

According to IntoTheBlock, the number of reported transactions for Bitcoin surged to approximately 703,000. Moreover, not only was this figure the highest recorded within 2023, but it was also the highest transaction volume seen in nearly two years.

It’s worth noting that this surge in transactions occurred concurrently with Bitcoin’s price reaching the $26,000 price level.

Historic Milestone: Bitcoin processed a record-breaking 703K transactions on Friday.
https://t.co/n7lvDvAgct pic.twitter.com/TTw7zI1AAE

— IntoTheBlock (@intotheblock) September 18, 2023

How the volume fared

An examination of the Bitcoin volume metric on Santiment revealed an interesting observation: there was no corresponding spike in volume to match the surge in transactions on 15 September.

The chart also indicated that the volume remained relatively stable at around $12.7 billion during that time. However, it then experienced a decline, reaching approximately $6.7 billion by 17 September. As of this writing, the volume had surpassed $15 billion.

Source: Santiment

Active addresses see an instant impact

Interestingly, the surge in Bitcoin transactions had an immediate impact on the daily active addresses. When examining the daily active address metric on Santiment, it became apparent that it also experienced a spike, surpassing 1.2 million on 15 September.

This figure marked the highest number of active addresses recorded in nearly eight months. As of this writing, there were over 300,000 daily active addresses, and this number was on the rise as the day progressed.

Source: Santiment

BTC maintains a slight bullish trend

Examining the daily timeframe chart of Bitcoin revealed that it has managed to sustain its position around the $26,000 price level, even after facing some setbacks over the weekend.

How much are 1,10,100 BTCs worth today?

As of this writing, it was trading at approximately $26,800, reflecting a modest increase of less than 1% in price. In the previous trading session, it closed with a 1% price gain.

Source: TradingView

Additionally, when observing the Moving Average Convergence Divergence (MACD) indicator, it was evident that BTC was in a minor bullish trend at press time. It was trending above the zero line as well, indicating a positive price trend for the king coin.