Amidst Sideways Price Pattern, Bitcoin Keeps Showing Growing Network Transaction Volume

Although Bitcoin (BTCUSD) price seems to have been stuck in a range trading between $41500 and $43000, network transaction volume has hit its highest since September 2022, which is a good sign that soon we may see a strong breakout.

Despite certain signs of stagnation among crypto assets, transaction volume on the network of the first cryptocurrency is growing, accelerating steadily for the fourth month in a row, and reached $1.21 trillion in January. This is the highest number since September 2022.

The growth of the cryptocurrency market leads to both increased user activity and transaction volume. While BTC is now worth $42,860, the coin was trading at $20,000 in September 2022.