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The number of confirmed daily Bitcoin transactions hit the lowest point in a year yesterday, confirming a period of decreased activity often seen during the holiday season.
On Dec. 26, the number of confirmed Bitcoin payments dropped to 623,434, according to blockchain.com.
Confirmed Bitcoin payments are irreversible once the blockchain network’s consensus mechanism accepts them and includes them in a block. The number of confirmed transactions is a valuable metric used for analyzing investor activity on the Bitcoin network.
The drop in confirmed BTC transactions comes after the price of Bitcoin surged earlier this month, reaching an all-time high of $108,000 on Dec. 17. Over 857,000 confirmed payments were made on the same day, which is 37% more than yesterday’s 623,000.
Following the drop in the number of Bitcoin transactions, analysts now expect a price recovery above $105,000 as the end of the holiday season nears.
Bitcoin Social Sentiment Hits A Yearly Low
Another signal of Bitcoin’s potential recovery is the recent drop in social sentiment to a yearly low. Earlier this month, Bitcoin’s social sentiment reached its lowest point in 2024, with an average ratio of four positive comments to every five negative Bitcoin-related comments.
However, crypto analysts say this could be a signal of an upcoming BTC breakout. When considering Bitcoin price, other factors are more important than “the short-term social impact of greed and fear,” Santiment said in a Dec. 26 X post.
🧑🎄📈 Bitcoin has jumped to as high as $99.8K on a bullish Christmas crypto performance. Traders are now swinging bullish once again, with speculation of $110K getting rampant. Historically, we will see $110K Bitcoin only after the crowd doesn't expect it, as this image shows. pic.twitter.com/j4w3VQ4Zio
— Santiment (@santimentfeed) December 26, 2024
President-elect Donald Trump’s inauguration on Jan. 20, 2025, could serve as the next significant catalyst for Bitcoin.
While Bitcoin is still facing challenges during the holiday season, investors looking for other opportunities may want to explore presale meme coins cu has Wall Street Pepe (WEPE) and CatSlap (SLAP).
The frog-themed coin Wall Street Pepe (WEPE) recently gained attention with its community-driven approach, strong social backing and mission to empower small retail traders to trade like a pro. Meanwhile, CatSlap is rapidly graining traction in the market with its viral slap game, which the project’s team recently added a slap-to-earn element to. As a result, players will be able to earn crypto rewards by accumulating slaps in the game.
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