With a final gain of 35.8%, Bitcoin experienced one of its best weeks in recorded history.
According to on-chain monitoring company Glassnode, Bitcoin‘s monthly average transaction volume has reached 309.5k per day, the highest level since April 2021. Despite the high value efficiency, the percentage of “sizzling cash” is still close to cycle lows, indicating that most owners of older cash are not eager to extract profits.
But does the most recent rally mean we’ve exited the bear market now that Bitcoin’s value is shifting toward the $30,000 to $32,000 range?
Glassnode knowledge seems bullish
The month-to-month average of transaction counts hit 309.5k per day during the week of March 20. This is the highest level since April 2021 and is much higher than the yearly average. Less than 12.2% of all days have witnessed an increase in Bitcoin transaction activity, which is encouraging as this indicator is typically associated with higher adoption rates, community outcomes, and investment activity.
According to Glass Node, the number of unique new businesses using the blockchain serves as the ideal proxy for unique new clients. According to their analysis, this indicator has reached 122k new entities every day, but only 10.2% of days have seen increasing adoption rates for brand-new consumers, which peaked in 2017 and declined during the bull run in 2020–21.
Bitcoin Miners additionally seeing inflow
The biggest beneficiaries of this influx include miners, whose daily revenue increased by as much as $22.6 million. The week of March 20 saw a significant increase in miner revenues, surpassing the yearly average and reaching their highest level since June 2022.
Similar to the workout models previously discussed, this trend is typically observed during transitional periods into a more advantageous market.
Mining income within the inexperienced
Miners are unquestionably one of the ecosystem’s numerous lifelines. Nevertheless, increased mining activity also raises gasoline prices and community congestion, which are frequently signs of more advantageous markets.
Excessive community fees may increase the cost of tiny transactions, but they are advantageous to the miners who pay these fees for maintaining the blockchain’s security.
According to on-chain data, miner revenue has risen to $22.6 million per day, the highest level since June 2022, showing that Bitcoin is once again in a bull market, according to Glassnode. Despite the strong value performance, the percentage of “sizzling cash” is still close to cycle lows, indicating that the bulk of older cash owners are not inclined to take profits.
