The Bitcoin (BTC) network has seen a surge in activity, reaching levels not seen since the 2024 bull run.
In the past three days, the number of Bitcoin transactions, which measures the number of transactions that take place on the Internet each day, has increased to about 831,000, according to data from CryptoQuant reviewed by Finbold on May 12.
An increase in the number of Bitcoins on a daily basis may indicate an increased demand for transfers and transactions, especially from institutional investors. With interest rates on the rise in the past few weeks, the network’s surge could boost its sentiment if it continues in the near term.
Additionally, Bitcoin’s previously high readings are consistent with bullish sentiment. For example, after the adoption of spot BTC exchange-traded funds (ETFs) in early 2024, the network’s volume increased in proportion to the value of the asset, reaching a level similar to the most recent record.
Will the price of Bitcoin continue to increase on the Internet?
Although the Bitcoin network has seen a significant increase in activity, major events in the United States in the midst of a crowd-sourced conference remain a concern. For example, US inflation started to be hotter than expected, with the Consumer Price Index (CPI) rising to 3.8%, its highest level since May 2023, something that is considered low for the crypto economy.
In addition, the upcoming vote on the Clarity Act, a US federal law aimed at registering crypto assets, could trigger the issue of Bitcoin sales. In addition to this, the price of BTC has encountered a major selling wall around $82,200 in the last few days and was trading around $80,170 at the time of going to press.
Likewise, if the network’s services continue to grow, it can promote long-term growth, as Finbold has already done. he realized. On the other hand, if the BTC network collapses in the coming days, another correction, fueled by major economic events, may be inevitable.
