On-Chain Data Shows Bitcoin Daily Transaction Volumes Are Up 94%, Rally Might Not Be Over Just Yet

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,190,035,453,977	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,190,035,453,977

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-3,084.18	-4.83%	60,753.81	60,750.00	60,753.81

Price Change

Price Change %

Current Price

Bid Price

Offer

-3,084.18

-4.83%

60,753.81

60,750.00

60,753.81

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,727.81	59,040.30	63,780.29	63,837.62	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,727.81

59,040.30

63,780.29

63,837.62

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:46:31	0.000981	60,753.44	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:46:31

0.000981

60,753.44

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,609,100,508.07	26,364.68	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,609,100,508.07

26,364.68

On-Chain Data Shows Bitcoin Daily Transaction Volumes Are Up 94%, Rally Might Not Be Over Just Yet

04/08/2021 12:00am

NEWSBTC

Bitcoin has recently lost momentum following the rally that occurred over the past week. The digital asset had seen gains of over 20% while the entire market followed suit and showed massive gains all across the board. Bitcoin had spent 9 consecutive days closing in the green for the first time in a decade. As the cryptocurrency sees slowing momentum, the price has experienced various dips that have driven the price down. After the asset had jumped over $42,000 for the first time in over a month. With this slowdown, it seems that the rally has come to its end. But on-chain data shows that bitcoin is picking up steam in other areas. Related Reading | Bitcoin Is More Oversold Than It Was At ATH In April, Says Analyst On-chain data analysis shows that daily transaction volumes of bitcoin have picked up in the past week. Jumping up 94% to $9.1 billion per day from $4.7 billion per day. Showing that while the price may have slowed down, the volumes have not. Small Holders Accumulate Bitcoin Aggressively This report from Glassnode shows that small-time bitcoin holders are accumulating the digital asset even more aggressively than the whales. These wallets which are referred to as the “Shrimp and Crab” wallets are the wallets holding less than 10 BTC on their balance. For the first time, small-time holders now collectively own 13.8% of the entire bitcoin supply. Related Reading | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle The trends show that the wallets have been accumulating coins since May, after the market crash that saw assets losing up to 50% of their value in a short period of time. Wallets holding less than 10 BTC have continuously increased their holdings as the market has dipped and dived through the months. Accumulation patterns continue to point towards bullish, and so does coin maturation, but these bullish indicators can often take time to develop in the market. Small investors accumulating more coins show more faith in the market. As more and more investors are now choosing to hold their coins instead of selling them off. Price Movements So Far Bitcoin price continues to struggle in the $38,000 range following the price dip at the beginning of the week. Momentum continues to remain low in the digital asset while it seems the rest of the market is trying to dissociate from the pioneer cryptocurrency. BTC price continues to trend low | Source: BTCUSD on TradingView.com The coin has so far lost over $1,000 in a 24-hour period. Showing a 3.64% decline in the coin price in the past day. Trading volumes have also declined 11% according to CoinMarketCap. As of the time of this writing, bitcoin is currently trading at $38,358, as the market cap continues to remain above $720 billion. Featured image from Cointelegraph, chart from TradingView.com

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