An assessment of the king coin’s on-chain performance by the data provider revealed that the price uptick since 14 March has resulted in BTC transitioning from a deep bear market to a structure similar to past early bull markets.Glassnode found that the last week was marked by increased demand for BTC as network activity increased. The report stated:
Glassnode assessed BTC’s Transaction Count and found that the coin’s monthly average transactions count grew to its highest level since April 2021, with a monthly average of 309,500 transactions per day.
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