Bitcoin network activity is currently at an all-time high. A 50-day Simple Moving Average for the total transaction count on the Bitcoin network, according to data from CryptoQuant, is higher than at any point in the last two years, surpassing the previous high of February 28, 2021 when Bitcoin was nearing $60,000. Bitcoin has crossed an average count of 320,000 transactions on its network in almost every instance, leading to a marked increase in its price. Year-to-date, transaction fees paid to Bitcoin miners have increased by 70%, providing further evidence of the current buzz around Bitcoin.

Daily active addresses are also at a five-month high. This growth in activity indicates growing adoption of Bitcoin as both a store of value and means of payment. This can be attributed to a combination of factors, including the fallout from the US banking crisis, macroeconomic uncertainty, and an arguably renewed investor confidence in digital assets. Images about market structure and Bitcoin inscriptions are also helping to drive some of the activity.

All in all, the data demonstrates a potential for Bitcoin's further price gains in the near future. The network activity - with high transaction fees and daily active addresses - are strong indicators for a healthy, steadily expanding Bitcoin ecosystem, affirming its potential as both a store of value and means of payment.



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