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Bitcoin On-Chain Activity Turns Green, Can Price Follow?

 


Bitcoin on-chain activity has once again turned green , potentially signaling a rebound for the digital asset. Across the board, metrics have been up, with some posting double-digit gains in the last week alone. Recovery ranged from miners' daily earnings, to fee earnings, to block production rate per hour. This is a welcome change after the past two weeks of stagnant on-chain activity.


Bitcoin metrics bounce green

There has been a significant drop in on-chain activity over the past two weeks alone. This was of concern as Bitcoin's on-chain activity had previously spiked. However, the past week has proven that the cryptocurrency can rally just as fast as it falls.


Daily miner earnings increased by 5.88% over the past seven days. This increased revenue from $37,202,998 in the second week of April to $39,390,213 in the third week of the month. This also coincided with the increase in average fees per day recorded over the same period. These rose from $362,733 to $391,510, a 7.93% change in one week.


Despite this increase in fees per day, fees accounted for only about 1% of all miner revenue, meaning that on a historical basis, fee revenue is now approaching an all-time low.


Block production also increased. The target block production rate was 6 blocks per hour, but that was quickly surpassed as the block production rate increased to an average of 6.45 blocks per hour. In order for this to return to normal, the mining difficulty needs to be adjusted by around 5%, which is expected to happen on Wednesday.


Daily transaction volume saw the biggest recovery. Growth was 10.99% over a 7 day period. The miners were also able to perform more transactions per block due to the increased block production rate, which contributed to the increase in transaction volume.


Will the course move?

The volatility issue will always be there, and when on-chain metrics turn positive, it can impact price, at least partially. Historically, bitcoin price has rallied whenever on-chain activity has been back in the green. This usually comes with the increased usage of the network.


Today, Bitcoin has already recovered slightly from Tuesday's lows. The support level between $36,000 and $38,000 has held and since the early hours of the morning BTC price is now trading near $40,000. If on-chain activity continues to increase, Bitcoin could top $40,000 before the end of the week.

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