Bitcoin’s Recent Soaring Prices: How Are They Impacting Trading Volume?

The recent surge in Bitcoin (BTC) prices has led to an increase in on-chain transactions. Has this uptick in trading activity had significant repercussions in other areas?

According to a post by Santiment, the number of active Bitcoin addresses recently reached its highest point in the past five months. On September 14th, the chart showed active addresses surpassing over 1.1 million.

While the number of active addresses has crossed the 1 million mark before, it has never exceeded 1.1 million until now. As of the time of writing, there are approximately 268,000 active addresses.

Furthermore, Santiment’s chart reveals a surge in the daily on-chain transaction volume profit/loss ratio. On September 14th, this metric soared to around 2.34, marking the highest level in recent weeks. As of the time of writing, this ratio has tapered down to around 1.6.

A deeper dive into Bitcoin’s active addresses shows a slight upward trend in the 30-day active address metric. The chart indicates that this upward trend began around September 9th when the address count was around 18.1 million. As of the time of writing, the count has increased to over 18.2 million.

While notable peaks have been observed in active addresses and on-chain transaction volume trends, it remains to be seen how they impact Bitcoin’s trading volume. More data and analysis are required to determine their effect.

Despite significant peaks in other indicators, Bitcoin’s trading volume has remained relatively stable without substantial growth. As of the time of writing, the trading volume stands at approximately $13 billion.