Bitcoin on-chain activity surges after increased selling pressure
While the Bitcoin price might have experienced some ups and down in recent weeks, the latest metrics provided by Glassnode, a leading crypto analytic site, has shown that the top digital asset has had its transfer volume and transaction fees on on-chain activity touch new heights.
Per the Glassnode report, the weekly activity on the Bitcoin network hit impressive records and all-time highs. The data revealed that the highs in on-chain transaction volume and fees suggest that the recent price correction has attracted new entrants to the market. However, there is still a level of concern in the overall market sentiment due to the formation of the lower lows since the third pullback.
The past week's lows were attributed to an increased selling pressure when the price dip below $48,000 on April 25, which served as an entry point for newbies into the crypto market.
That also caused a surge in the transfer volume on a seven-day moving average, and it led to the settlement of $51 billion transactions daily, which is higher than the ATH of 2017, which was around $41 billion.
Similarly, daily active addresses have nosedived significantly by 10% in the week. This is attributed to the high transaction fees being charged by the network.
Following the weekend dip, Bitcoin has bounced back, and it now trades around $53,000, indicating that it has recovered by 13.8%, even though it has not reached its previous all-time high.