Hopeful BTC investors banking on a bull run may want to read this because…

BTC, which had more green days than reds since 2023 began, had helped renew the enthusiasm of its investors. But for Cauceconomy, a significant breakout might be unlikely.Trading volume restraining demand

According to his publication on the crypto data insight platform, Bitcoin’s lack of demand could be traced to its network usage. This is because each block confirmation translates to increased daily transactions.e to increase productivity by confirming more blocks. Hence, the trading volume has been repressed., the BTC 24-hour trading volume was a 1.75% decrease at press time. This aligned with the analyst’s reference to a dip in transactions on the Bitcoin network.

“For us to have growth in the fundamentals of the network, we will need to see greater demand for trading and, consequently, higher fees for daily transactions. At this time, we haven’t had that breakout yet and trading volume remains low, indicating low demand.”, Glassnode showed that there has been a slight decrease from the peak registered in November 2022.

The data at the time of writing, reported the number to be 43,170,375. Although this was a marginal difference, it suggested a lackluster perspective towards network utilization user base expansion.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BTC’s price could move in either direction and this is the rationale behind itBTC commenced 2023 with an extremely low realized volatility. On-chain activity revealed weakness on the BTC network According to a new report by on-chain data provider Glassnode, leading coin Bitcoin [BTC] kicked off the 2023 trading year with an extremely low realized volatility. Realized volatility is a measure of the volatility of a cryptocurrency asset […]
Source: CryptoAmb - 🏆 22. / 68 Read more »

Optimism could stay true to its name thanks to these developments of 2023Optimism witnessed a rise in the number of transactions being made on the network Optimism was also witnessing significant growth on other fronts As per a recent development, the combined transactions on Arbitrum and Optimism were getting closer to the overall transactions being made on Ethereum [ETH]. One of the reasons for the same would […]
Source: CryptoAmb - 🏆 22. / 68 Read more »