Data on the series shows that the user’s activity on Bitcoin rose during the year 2024, as the network processes an average of $ 8.7 billion in daily size.
Bitcoin witnessed a huge amount of economic size during 2024
In new mail In X, Glassnode discussed the size on the chain about the direction in the volume of bitcoin transport. The “transfer volume” here refers to an indicator that measures the total amount of the asset that has become involved in a type of transaction activity on Blockchain.
The release of the joint scale by the Analysis Company is a modified version of the entity, which means that it only includes the transfers that occur between two separate entities. The “entity” is a group of addresses set by Glassnode on belonging to the same investor.
Transportation between the investor portfolios itself can be relevant from the perspective of miners, but it does not really represent a real economic activity. Consequently, the modified transfer volume of an entity provides a more accurate measure of the total economic activity that occurs on the BTC network.
Now, here is the indicator graph that the Analysis Company shares over the past few years:
The value of the metric appears to have plunged in recent months | Source: Glassnode on X
As visible in the graph above, the volume of Bitcoin transported while exploring prices increased to more than $ 100,000 at the end of 2024, but its value has been cooled since then.
However, the index noticed a noticeable jump throughout the year, indicating that the activity in general has risen on the network. Nowadays, the 365 -day moving average (MA) sits a scale of $ 8.7 billion, which is a concrete value.
In total, 2024 witnessed that investors are making economic transactions worth $ 3.2 trillion. Analysis Company noted that this shows the role that BTC plays as a wide range of exchanges.
In the same X thread, Glassnode also shared how the coding cover of the encrypted currency has grown during this course. “The maximum script” is a formal form for the BTC that is supposed to be the “real” value of any trading code equal to the instant price that was last processed on the network.
In short, what this model tells us is the amount of capital that investors as a whole used to buy bitcoin. Below is the indicator’s graph.
Looks like the value of the metric has been going up for a while now | Source: Glassnode on X
From the graph, it is clear that the maximum I realized Bitcoin was growing over the past two days. “Since the decline in the November 2022 course of $ 400 billion, CAP has been accommodated by +450 billion dollars in the capital, with a total of 850 billion dollars,” the analysis company notes.
BTC price
Bitcoin has not been able to maintain the latest recovery batch as it has now recovered to 98,400 dollars.
The price of the coin seems to have bounced up since the crash lows | Source: BTCUSDT on TradingView
Distinctive image from Dall-I, Glassnode.com, Chart from TradingView.com
