Bitcoin (BTC) network activity has reached its lowest level in a year, bringing its fair value to between $48,000 and $95,000, according to CryptoQuant.
As of press time, Bitcoin was trading at roughly $96,500, making the flagship crypto overvalued from a network activity perspective based on CryptoQuant’s valuation model.
The Bitcoin Network Activity Index has declined 15% since its peak in November 2024. It is now at 3,760, the lowest level since February 2024.
A decline in the number of transactions primarily drives the decrease in activity. The total daily transaction count is currently 346,000, marking a 53% drop from the all-time high of 734,000 recorded in September 2024.
Runes down in popularity
The decline in network activity is largely driven by reduced use of the Runes protocol for token minting on Bitcoin. Runes relies on OP_RETURN codes to store token-related data, but the number of these codes used in transactions has dropped significantly.
In April 2024, daily OP RETUR
We współpracy z: https://cryptoslate.com/analyst-sets-95000-ceiling-for-bitcoin-fair-value-amid-declining-network-activity/
