{"id":529392,"date":"2023-05-01T16:00:08","date_gmt":"2023-05-01T16:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=529392"},"modified":"2024-06-11T06:47:11","modified_gmt":"2024-06-11T06:47:11","slug":"bitcoin-btc-continues-downtrend-despite-daily-transactions","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-continues-downtrend-despite-daily-transactions\/","title":{"rendered":"Bitcoin (BTC) Continues Downtrend Despite Daily Transactions Nearing All-Time High"},"content":{"rendered":"

While Bitcoin (BTC) has continued a downtrend, the asset has recently recorded a high volume in daily transactions nearing its all-time high. According to a report<\/a> by on-chain analytics provider Glassnode, \u201cBitcoin daily transaction counts are approaching All-time-highs, seeing an explosive uptick in 2023.\u2019<\/span><\/p>\n

Regardless of this news, Bitcoin has continued to move downward after its weekend plateau of trading at just between $29,300. The asset trading volume has also surged slightly indicating a possible violent sell-off.\u00a0<\/span>\u00a0<\/span><\/p>\n

Bitcoin Records Daily Transactions Nearing Peak Levels<\/h2>\n

According to Glassnode, on the 30-day moving average, Bitcoin daily transactions have reached an amount of 348,700. While the peak level which was seen in 2017 remains at 379,000 transactions per day. This has proved Bitcoin\u2019s daily transactions are beginning to near the all-time high last seen about 5 years ago.<\/span><\/p>\n

\"Bitcoin
Bitcoin (BTC) daily transaction count. | Source: Glassnode<\/a><\/figcaption><\/figure>\n

Furthermore, according to the Glassnode report, this surge in Bitcoin daily transactions is thanks to the Ordinal inscriptions. The Ordinal inscriptions also known as Bitcoin non-fungible tokens (NFTs), or Ordinals, are inscriptions (digital artifacts) inscribed on satoshis (sats) \u2013 little units of Bitcoin.<\/span><\/p>\n

Glassnode noted<\/a> the inscription accounts for approximately 30% to 40% of mined transactions and 10% to 20% of fees paid. Meanwhile, the remaining majority of transactions are monetary in nature, frequently conducted through exchanges.\u00a0<\/span><\/p>\n

According to Glassnode, compared to Ordinals activity on the Bitcoin blockchain, BTC exchange activity is relatively low, representing roughly 30% of fees and transactions. <\/span><\/p>\n

The trend of creating inscriptions initially gained popularity in February when users started inscribing NFTs on satoshis. <\/span>However, the recent resurgence has been dominated by inscriptions that are based on text.<\/span><\/p>\n

Glassnode noted:<\/a><\/span><\/p>\n

Bitcoin transaction counts, address activity, Inscriptions, and Mempool congestion are all elevated. As is the degree of HODLing, and supply acquired below $30k. Conviction remains.<\/span><\/p><\/blockquote>\n

BTC Continues Downtrend<\/h2>\n

Bitcoin (BTC) is yet to make any significant move in the past few days. Instead, it has only seemed to pick up from where it <\/span>left off in its downward trend<\/span><\/a> in recent weeks. Over the past 24 hours, the top crypto has plummeted nearly 4% with a market price of $28,435, at the time of writing.\u00a0<\/span><\/p>\n

\"Bitcoin
Bitcoin’s (BTC) price moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

This downtrend follows a <\/span>notable fall <\/span><\/a>from the $30,000 region in recent weeks. So far, Bitcoin has a 24-hour range between a low of $28,315 and a high of $29,944. <\/span><\/p>\n

Meanwhile, the BTC market cap is still in the green while its trading volume signals <\/span>selling pressure,<\/span><\/a> indicating a possible continuous bearish trend.\u00a0<\/span><\/p>\n

Over the past week, Bitcoin\u2019s market capitalization has surged from a low of $528 billion on April 24 to as high as $550 billion as of today. Its trading volume has also spiked from a daily trading volume of $15.4 billion to $19.8 billion, over the same time period.<\/span><\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

While Bitcoin (BTC) has continued a downtrend, the asset has recently recorded a high volume in daily transactions nearing its all-time high. According to a report by on-chain analytics provider Glassnode, \u201cBitcoin daily transaction counts are approaching All-time-highs, seeing an explosive uptick in 2023.\u2019 Regardless of this news, Bitcoin has continued to move downward after its weekend plateau of trading at just between $29,300. The asset trading volume has also surged slightly indicating a possible violent sell-off.\u00a0\u00a0 Bitcoin Records Daily Transactions Nearing Peak Levels According to Glassnode, on the 30-day moving average, Bitcoin daily transactions have reached an amount of 348,700. While the peak level which was seen in 2017 remains at 379,000 transactions per day. This has proved Bitcoin\u2019s daily transactions are beginning to near the all-time high last seen about 5 years ago. Furthermore, according to the Glassnode report, this surge in Bitcoin daily transactions is thanks to the Ordinal inscriptions. The Ordinal inscriptions also known as Bitcoin non-fungible tokens (NFTs), or Ordinals, are inscriptions (digital artifacts) inscribed on satoshis (sats) \u2013 little units of Bitcoin. Glassnode noted the inscription accounts for approximately 30% to 40% of mined transactions and 10% to 20% of fees paid. Meanwhile, the remaining majority of transactions are monetary in nature, frequently conducted through exchanges.\u00a0 According to Glassnode, compared to Ordinals activity on the Bitcoin blockchain, BTC exchange activity is relatively low, representing roughly 30% of fees and transactions. The trend of creating inscriptions initially gained popularity in February when users started inscribing NFTs on satoshis. However, the recent resurgence has been dominated by inscriptions that are based on text. Glassnode noted: Bitcoin transaction counts, address activity, Inscriptions, and Mempool congestion are all elevated. As is the degree of HODLing, and supply acquired below $30k. Conviction remains. BTC Continues Downtrend Bitcoin (BTC) is yet to make any significant move in the past few days. Instead, it has only seemed to pick up from where it left off in its downward trend in recent weeks. Over the past 24 hours, the top crypto has plummeted nearly 4% with a market price of $28,435, at the time of writing.\u00a0 This downtrend follows a notable fall from the $30,000 region in recent weeks. So far, Bitcoin has a 24-hour range between a low of $28,315 and a high of $29,944. Meanwhile, the BTC market cap is still in the green while its trading volume signals selling pressure, indicating a possible continuous bearish trend.\u00a0 Over the past week, Bitcoin\u2019s market capitalization has surged from a low of $528 billion on April 24 to as high as $550 billion as of today. Its trading volume has also spiked from a daily trading volume of $15.4 billion to $19.8 billion, over the same time period. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":520050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,61309,87919,3770,83513],"class_list":["post-529392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-glassnode","tag-ordinals","tag-satoshis","tag-sats"],"acf":[],"yoast_head":"\nBitcoin (BTC) Continues Downtrend Despite Daily Transactions Nearing All-Time High<\/title>\n<meta name=\"description\" content=\"While Bitcoin (BTC) has continued a downtrend, the asset has recently recorded a high volume in daily transactions nearing its all-time hig...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin (BTC) Continues Downtrend Despite Daily Transactions Nearing All-Time High","url":"http:\/\/wncen.com\/news\/bitcoin-btc-continues-downtrend-despite-daily-transactions\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-continues-downtrend-despite-daily-transactions\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","glassnode","ordinals","satoshis","sats"],"dateCreated":"2023-05-01T16:00:08Z","datePublished":"2023-05-01T16:00:08Z","dateModified":"2024-06-11T06:47:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin (BTC) Continues Downtrend Despite Daily Transactions Nearing All-Time High\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-continues-downtrend-despite-daily-transactions\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-continues-downtrend-despite-daily-transactions\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?fit=553%2C311\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"glassnode\",\"ordinals\",\"satoshis\",\"sats\"],\"dateCreated\":\"2023-05-01T16:00:08Z\",\"datePublished\":\"2023-05-01T16:00:08Z\",\"dateModified\":\"2024-06-11T06:47:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/529392"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=529392"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/529392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/520050"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=529392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=529392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=529392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}