Bitcoin ($BTC), the leading cryptocurrency, has witnessed a critical development this weekend in terms of transaction volume. Hence, today, Bitcoin’s transaction volume has reportedly touched the 30-day peak of up to $45.6B. As per the data from Ali Martinez, a popular crypto analyst, this jump in on-chain activity highlights the potential for the next uptake. Keeping this in view, the traders are closely watching for the potential catalysts to back this rising momentum.
Bitcoin’s Monthly Top Transaction Volume Level of $45.6B to Ignite Market Shift
The on-chain data reveals that the transaction volume of Bitcoin ($BTC) has ultimately hit the monthly peak. Thus, while accounting for the staggering $45.6B mark, the significant transaction volume level indicates the preparation for another rally in the near term. This could positively impact the investor sentiment, persuading them to buy $BTC, and trigger a market shift.
At the same time, the price of the top crypto asset is moving sideways. In this respect, a 12.1% dip has taken place in the price over the past month. In this scenario, the current transaction volume growth might take into account whale movements. Even then, many think this to be a precursor to a massive trend reversal.
Price Decline and Volume Spike Signal Potential Trend Reversal
Currently, Bitcoin ($BTC) is hovering around $95,754.99. This price highlights a 0.37% dip over the past twenty-four hours. Additionally, the market capitalization of the flagship cryptocurrency shows a 0.35% decrease while accounting for $1.91T. Along with that, the weekly price performance presents a 5.88% plunge.
According to Ali, the rise of Bitcoin’s transaction volume to the monthly top level denotes a strategic move. Specifically, this development could be the onset of a crucial shift in the market momentum. Overall, whether this leads to a deeper correction or a recovery is yet to be witnessed.
Source: https://blockchainreporter.net/bitcoin-transaction-volume-surge-to-monthly-peak-of-45-6b/