With its price oscillating within a narrow range, Bitcoin’s [BTC] network activity has witnessed a consistent decline since mid-September.
Bitcoin’s network activity falls to new lows as price remains in a tight range. However, mining activity on the chain continues to rally.The coin’s transactions count metric, which measures the unique count of transactions executed on the Bitcoin network, assessed on a seven-day small moving average, has fallen to its lowest level since January.
When a crypto asset records a fall in its daily transactions count, this is mostly attributable to a decline in the count of daily active addresses on its network. BTC’s unique address count observed on the same seven-day small moving average has declined by over 15% since 19 September. “The total number of BTC transferred shows that there hasn’t been a meaningful shift between whales and institutional investors, which suggests that the chances of a rally occurring in the near future are low.”
With 393.23M TH/s recorded on 13 October, BTC network’s hashrate has climbed by 42% since the year began. As for network difficulty, this has also gone up by 63%, data from. With a Choppiness Index value of 56.65 observed on the daily chart at press time, there was no clear trend in price direction.
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