Bitcoin network hits transaction record not seen since 2024 bull run
The Bitcoin (BTC) network has seen a surge in total transaction volume, reaching levels not seen since the 2024 bull run.
Over the past three days, the Bitcoin transaction count, which measures the total number of transactions executed on the network daily, surged to approximately 831,000, according to data from CryptoQuant analyzed by Finbold on May 12.
Bitcoin transaction count total. Source: CryptoQuant
The notable spike in Bitcoin’s daily transaction count could signal an increased demand for transfers and trading, especially from institutional investors. With the flagship coin on an upward trend over the past few weeks, increased network activity could bolster its bullish sentiment if it sustains in the near future.
Moreover, elevated Bitcoin transaction count has in the past coincided with bullish sentiment. For instance, after the approval of spot BTC exchange-traded funds (ETFs) in early 2024, the network’s transaction count surged in tandem with the asset’s value, reaching a level nearly matching the most recent record.
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Can Bitcoin price rebound further on increased network activity?
Although the Bitcoin network has seen a sharp uptick in activity, major events in the United States amid a leveraged-driven rally remain a major concern. For instance, U.S. inflation came in hotter than expected, with the Consumer Price Index (CPI) surging to 3.8%, its highest level since May 2023, a factor that is considered bearish for crypto assets.
In addition, the upcoming markup vote for the Clarity Act, a proposed U.S. federal regulation aimed at legalizing crypto assets, could trigger a sell-the-news scenario for Bitcoin. Compounding this, the BTC price has faced a significant sell wall around $82,200 over the past few days and was trading at about $80,170 at press time.
BTC/USD 7-day chart. Source: Finbold
As such, if the network’s activity continues to grow, it may bolster near-term growth, as Finbold previously noted. On the other hand, if BTC’s network falls over the coming days, further correction, fueled by macroeconomic events, could be inevitable.
