In a noteworthy resurgence, Bitcoin’s on-chain activity has surged to levels not seen since April, according to Santiment, a leading crypto analytics platform. The surge in activity coincides with Bitcoin’s market value surpassing $27,000, indicating renewed investor confidence. Active addresses have remained consistently high, suggesting sustained interest in the cryptocurrency.
September has witnessed an average of 1.1 million active Bitcoin addresses per day, the highest since April 2023, reflecting increased user engagement. As Bitcoin’s on-chain activity flourishes, the crypto community eagerly awaits whether this resurgence will translate into a significant price jump, highlighting the dynamic nature of the market.
Regarding BTC price and analysis, at the time of writing, Bitcoin’s price was $27,034.24, down 0.94% in the past 24 hours, with a volume decrease of 9.86% to $14,041,439,779.
The decline in price suggests cautious trading ahead of the Fed’s rate-hike announcement. Analysts anticipate potential volatility in Bitcoin’s price due to the FOMC meeting. While a correction below $26,700 is possible, the current jump towards $27,400 indicates a bullish signal, increasing the likelihood of having reached the bottom.
Renowned analyst Ali Martinez suggests that Bitcoin’s bull run often follows heightened on-chain activity, indicating a potential resurgence despite static prices.