On December 26, 2024, the number of confirmed Bitcoin transactions reached its lowest level in a year, matching the trend of decreased activity during the holiday season.
Decline in Bitcoin Network Activity
According to blockchain.com, the number of confirmed Bitcoin payments dropped to 623,434 on December 26. This marks a significant decrease compared to the previous peak of 857,000 transactions on December 17, when Bitcoin price reached an all-time high of $108,000. Confirmed payments are used to analyze investor activity on the Bitcoin network.
Social Sentiment Surrounding Bitcoin
There has also been a decline in social sentiment regarding Bitcoin, reaching its lowest point of the year. The average ratio of positive to negative comments was four to five. Analysts believe this could precede a Bitcoin breakout despite current sentiment. 'Long-term factors are more important than short-term social greed and fear impacts', stated Santiment.
Impact of Upcoming Events
The inauguration of President-elect Donald Trump on January 20, 2025, is expected to be the next significant catalyst for Bitcoin. Despite current challenges, Bitcoin holds potential for recovery above $105,000.
While Bitcoin transactions decrease and social sentiment remains low, experts see potential in upcoming events that could aid in price recovery.
