Bitcoin Transaction Volume Near its Peak! Is this a Sign of Bull Season?

• The daily transaction volume in Bitcoin is approaching peak levels.
• On-chain data shows an increase in active traders.

According to on-chain data, the daily transaction volume on the Bitcoin network could indicate the beginning of a bull market!

Transaction Volume on the Bitcoin Network is Increasing!

According to on-chain data, there are currently over 270,000 transfers per day on the Bitcoin network. The relevant indicator here is the transaction volume, which measures the total number of transactions that occur in a day on the Bitcoin blockchain.

When this indicator is high, it means that there is a lot of activity currently happening on the network. This trend indicates that there are active traders in the market right now.

On the other hand, low values of the indicator show that the network is currently experiencing low activity and there is not much interest among investors in making transfers on the blockchain.

The current metric of interest in the discussion is the “adjusted by asset” version, which only counts transactions that occur between separate assets. Here, “asset” is defined as a single wallet or group of wallets controlled by the same investor.

The Bitcoin Network is Reviving!

The following chart shows the trend of Bitcoin transaction volume over the past few years, along with 30-day and 365-day simple moving averages (SMAs)