- May 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Bitcoin On-Chain Activity Declines as Traders Slow Transactions**
Recent data suggests that activity on the Bitcoin (BTC) network has dropped significantly, nearing historic lows as traders appear to be taking a more cautious approach following the cryptocurrency’s recent all-time high price.
Insights from data analytics firm Santiment reveal a noticeable slowdown in on-chain activity on the Bitcoin network over the past few months, providing a nuanced view of the current state of the cryptocurrency market.
In a recent update on X, Santiment highlighted that on-chain activity on the Bitcoin network has reached its lowest point since 2019, with a clear downtrend seen in metrics such as transaction volume, daily active addresses, and whale transaction count.
Santiment’s data indicates that Bitcoin’s on-chain transaction volumes are approaching a 10-year low, while the number of daily active addresses has hit its lowest point since January 2019.
The analytics firm also notes that whale transactions, typically involving amounts over $100,000, have slowed considerably, comparable to levels seen in late 2018.
**AI legalese decoder:**
The AI legalese decoder can help interpret complex legal language often used in the analysis of on-chain activity and market sentiment by providing clear and concise explanations. It can assist traders and investors in understanding the implications of these trends on Bitcoin’s price movements and overall market sentiment.
Despite the decline in on-chain activity, analysts at Santiment suggest that it may not necessarily result in imminent price drops for BTC, as seen in recent weeks. They attribute this slowdown to “crowd fear and indecision,” emphasizing the intricate relationship between on-chain activity and market sentiments.
While facing these challenges, Bitcoin’s price remains relatively stable, hovering just above $61,000, with a slight 0.1% increase in the past day.
The 24-hour trading volume for Bitcoin stands at $12.67 billion, showing a significant drop of over 37% compared to the previous day. The cryptocurrency’s price has decreased by 4.6% over the past seven days, underperforming the global crypto market, which shows a 4.2% decline according to CoinGecko data.
As investors navigate through this period of consolidation and subdued on-chain activity, market sentiment and broader economic factors are likely to shape Bitcoin’s trajectory in the weeks ahead.
**Bitcoin and Runes Protocol**
Bitcoin, Runes Protocol
The Runes protocol on Bitcoin has seen significant activity, generating $135 million in transaction fees on the largest blockchain. According to on-chain data, tokens issued under this protocol have accumulated over 2,100 BTC costs within a week following the halving event.
However, activity has weakened since then. A Dune Analytics dashboard, as reported by The Block, indicated that the lowest level of activity on the Runes protocol was observed on Friday, May 10.
**AI legalese decoder:**
The AI legalese decoder‘s ability to interpret technical information related to blockchain protocols can help provide clarity on the performance of the Runes protocol on Bitcoin and its impact on transaction fees and overall network activity. This can assist traders and analysts in making informed decisions based on the dynamics of this protocol.
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