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The number of daily confirmed bitcoin transactions hit the lowest point in a year yesterday, confirming a period of decreased activity often seen during the holiday season.
On December 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 to analyze 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 December 17. More than 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 are now expecting a price recovery above $105,000 as the end of the holiday season approaches.
<img decoding="async" class="alignnone" alt="bitcoin” width=”1280″ height=”720″ src=”https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2024/03/bitcoin–btc-gold-statue-green-futuristic-city-gID_7.jpg@webp”/><img decoding="async" class="alignnone" src="https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2024/03/bitcoin–btc-gold-statue-green-futuristic-city-gID_7.jpg@webp” alt=”bitcoin” width=”1280″ height=”720″/>
bitcoin Social Sentiment Hits Yearly Low
Another sign of bitcoin's potential recovery is the recent drop in social sentiment to a yearly low. Earlier this month, bitcoin social sentiment hit its lowest point in 2024, with an average ratio of four positive comments for every five negative bitcoin-related comments.
However, crypto analysts say this could be a sign of an upcoming btc breakout. When considering the price of bitcoin, other factors are more important than “the short-term social impact of greed and fear,” Santiment said in a Dec. 26 x post.
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bitcoin has risen as much as $99.8K thanks to a bullish Christmas crypto performance. Traders are now turning bullish once again, with $110,000 speculation becoming more widespread. Historically, we will see $110,000 bitcoin only when people don't expect it, as this image shows. pic.twitter.com/j4w3VQ4Zio
– Sentiment (@santimentfeed) <a target="_blank" href="https://twitter.com/santimentfeed/status/1872090202673742217?ref_src=twsrc%5Etfw”>December 26, 2024
The inauguration of President-elect Donald Trump on January 20, 2025 could serve as the next major catalyst for bitcoin.
While bitcoin still faces challenges during the holiday season, investors looking for other opportunities may want to explore pre-sale meme coins like Wall Street Pepe (WEPE) and CatSlap (SLAP).
The frog-themed Wall Street Pepe (WEPE) coin recently gained attention for its community-driven approach, strong social support, and mission to empower small retail traders to trade like a pro. Meanwhile, CatSlap is quickly gaining traction in the market with its viral slapping game, to which the project team recently added a slap-to-win element. As a result, players will be able to earn crypto rewards by collecting in-game slaps.
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