On August 23, the price of Bitcoin crossed the $50,000 mark for the first time since May. However, the transaction activity (adjusted for subjects) in the network of the leading crypto is at an all-time low – from 175,000 to 200,000 transactions per day, according to Glassnode.
According to the company analysts, this situation has been observed only three times over the past five years:
- In the bull market of 2016-2017 during the rally of distrust, when everyone doubted the upward trend, and during periods of deep pullbacks in the middle of the cycle.
- In the bear market of 2018-2019, when interest in digital gold weakened and prices corrected by 85% from the high.
- At the moment.
Glassnode analysts have said the volume of transactions is also declining. According to Glassnode, the average daily volume of the network is about $18.8 billion, down 57.6% from May.
In the past seven days one could observe a “noticeable increase” in sales of old coins, which have been in the wallets of their owners for at least five months.