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In a notable resurgence, Bitcoin’s on-chain activity has surged to levels not witnessed since April, a leading crypto analytics platform, Santiment reported. The largest cryptocurrency by market cap is experiencing increased utility, with a remarkable uptick in dormant Bitcoin, marking the third-largest such occurrence in three months. However, during writing, the Bitcoin price noted a decline, as investors await the FOMC meeting scheduled later today.
Recent On-Chain Activity
This surge in dormant Bitcoin coincides with the cryptocurrency’s market value surpassing the $27,000 mark, reflecting renewed investor confidence. Active addresses have remained consistently high throughout this period, indicating sustained interest in the crypto.
The report showed that September has seen an average of 1.1 million active Bitcoin addresses per day, reaching its highest level since April 2023. This resurgence is indicative of a broader trend where more users are actively engaging with Bitcoin, further bolstering its position as a leading digital asset.
As Bitcoin’s on-chain activity continues to flourish, the cryptocurrency community eagerly anticipates whether this resurgence will translate into a significant price jump, underscoring the dynamic nature of the crypto market.
Also Read: Grayscale Files Second Ethereum Futures ETF
BTC Price & Analysis
During writing, the Bitcoin price was $27,034.24, down 0.94% over the past 24 hours, and its volume plunged 9.86% to $14,041,439,779. The recent slump suggested that the investors are trading cautiously ahead of the Fed’s rate-hike announcement today.
Although the market expects a halt in the rate-hike plan by the U.S. Federal Reserve, any other move can dampen the sentiment. Analyst Michael Van De Poppe said that the FOMC can trigger a “lot of volatility” in Bitcoin price.
However, he also noted that the holders can expect a correction on Bitcoin below the $26,700 mark. In addition, the current jump towards $27,400 sends a bullish signal. Although it is wise not to place excessive reliance on this signal, the likelihood of having reached the bottom has notably increased, he added.
Another renowned analyst, Ali Martinez said that Bitcoin’s bull run often follows heightened on-chain activity. He noted that despite static prices, the strong on-chain activity of the crypto hints at an imminent bull run resurgence.
Also Read: US FOMC Set To Announce Rate Hike “Pause”, Bitcoin To Rally
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