May 22, 2024
Bitcoin price today

Bitcoin Price Today Holds Steady Amidst On-Chain Activity Dip: Santiment Report

Sunday, May 12, 2024: Bitcoin price today is $61,405.17, a change of 0.47% over the past 24 hours as of 10:00 a.m. The current state of affairs underscores the nuanced dynamics at play within the cryptocurrency market, where shifts in on-chain activity can reflect broader sentiment trends among traders. As stakeholders continue to monitor these developments, the resilience of Bitcoin’s price amidst reduced on-chain engagement seems evident.

Recent data analysis from Santiment indicates a significant slowdown in on-chain activity within the Bitcoin (BTC) network, marking levels not seen since 2019. This development emerges amidst a backdrop of waning trader engagement following Bitcoin’s recent surge to an all-time high.

Santiment’s late last night’s tweet on X highlighted a notable downtrend across various key metrics, including transaction volume, daily active addresses, and whale transaction count. The data analytics firm underscored that Bitcoin’s on-chain transaction volumes are nearing their lowest point in a decade, while the count of daily active addresses has plummeted to its lowest since January 2019.

Moreover, the slowdown extends to whale transactions, typically transactions valued at over $100,000, which have markedly decelerated, reminiscent of levels recorded in December 2018.

While the decline in on-chain activity may initially raise concerns, analysts at Santiment urge caution against equating it directly with potential BTC price downturns, as observed in recent weeks. Instead, they posit that the downturn may stem from a prevailing sense of apprehension and uncertainty among traders, underscoring the intricate interplay between on-chain activity and market sentiment.

Notwithstanding the contests posed by the dwindling on-chain activity, Bitcoin’s price has remained relatively stable, hovering just above $61,000 at the time of reporting, with a minor 0.1% uptick over Saturday.

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