The indicator has grown by more than 50% compared to the last record in the network of the main cryptocurrency.
The weekly volume of transactions on the bitcoin network has exceeded $ 8 billion and has updated its all-time high, according to the analytical service Glassnode.
The volume of Bitcoin transactions for the week exceeded the previous record by more than 50%. During this period, the volume of transfers in US dollars did not show a record growth.
As @_Checkmatey_ rightfully pointed out to me, Entity-Adjusted Transfer Volume in USD is not showing the same spike as raw Transfer Volume.
This suggests the spike from earlier is an internal transfer and not a sign of new bullish demand.
A quiet mempool supports this thesis. https://t.co/dENkxzSJjU pic.twitter.com/gpaKkt6u7w
— TXMC (@TXMCtrades) August 28, 2021
This may indicate that most of the transactions are internal transfers on the bitcoin network (for example, transfers between crypto exchanges).
Analysts at Glassnode indicated that Bitcoin is currently at the top of a strong support zone. The price of the main cryptocurrency is concentrated in the range of $ 45-50 thousand.
According to analysts, this indicates a strong cumulative demand. In other words, crypto investors are accumulating bitcoin in anticipation of its growth.
#Bitcoin price is currently sitting at the top end of a strong on-chain support zone.
Over 1.65M $BTC now have an on-chain cost basis within the $45k to $50k range
The green zone below, at $31k to $40k, is also home to another 2.98M $BTC, indicative of large accumulation demand pic.twitter.com/P5W3zlvrSU
— glassnode (@glassnode) August 30, 2021
Bitcoin is up 33% since early August. On August 30, the main cryptocurrency is trading at $ 47.9 thousand, and its capitalization is $ 901 million.
On August 23, the cost of bitcoin for the first time since mid-May exceeded $ 50 thousand.