Transaction Volume For BTC Slows Down As BTC’s Price Picks Up

Data from the blockchain analysis firm, Santiment, shows that transaction volume for the largest cryptocurrency by market cap, bitcoin (BTC), has normalized as its price has picked up over the past few days.

BTC transaction volume chart (Source: Santiment)

According to the chart above, BTC had its biggest month when it comes to transaction volume in July, which was a period when BTC’s price was at its bear market bottom. Now, as BTC’s price has picked up over the past few days, BTC’s transaction volume is beginning to normalize.

Santiment added to the released data that a new BTC address has entered the ecosystem. This wallet is no ordinary BTC wallet as it received 50.56K BTC on July 8. The wallet may belong to a whale that is preparing for a bullish move in BTC’s price.

At the time of writing, BTC’s price is down around 2.69%in the past 24 hours. This has taken BTC’s price down to just under $23k at $2,932.82. Despite the 24-hour drop in BTC’s price, it still finds itself up by more than 14% over the past 7 days.

Bulls have attempted to get BTC’s price above the next major resistance barrier at $25k but were unable to do so as BTC’s 24-hour high is $24,196.82, with its low at $22,707.51.

BTC’s market cap now stands at approximately $438,326,628,810, with its 24 hour trading volume totaling $43,844,679,158. This is a 6.92% drop in the daily trading volume since yesterday, according to CoinMarketCap.

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