In December 2023, Bitcoin witnessed a remarkable surge in activity, as an unprecedented 111,713 buyer addresses participated in NFT.
As the price of Bitcoin hovers near $42,500, the blockchain experiences robust network activity—the increase in NFT transactions taking place on the blockchain in 2023.
NFT Sales Surge on Bitcoin Blockchain
December 2023 saw an unprecedented increase in Non-Fungible tokens (NFT) sales on the Bitcoin blockchain, amounting to an astounding $881,223,753.92, according to data from Cryptoslam. The aforementioned remarkable quantity signifies the most sold NFTs in a single month.
Significant developments are detailed in the report, including the participation of an unprecedented 111,713 buyer addresses in NFT transactions on the Bitcoin blockchain in December.
Concurrently, there was an unprecedented surge in seller addresses, reaching a staggering 98,744, accounting for the most significant number of sellers in a month.
The increasing volume of NFT transactions on the Bitcoin blockchain indicates the expanding acceptance and prominence of digital assets, as both purchasers and vendors actively participate in the decentralized and dynamic NFT market.
These impressive numbers highlight the intense activity in the cryptocurrency space, paving the way for further development and advancement in blockchain-powered assets.
BTC Price Expectation During January
All avidly anticipate the U.S. SEC’s approval of the spot Bitcoin ETF, and its arrival is conceivably this week. Nonetheless, January options data indicates weakness and market analysts maintain the view that Bitcoin’s upside potential is limited.
A correction typically follows a robust performance in the final quarter of the year in January. Significant probabilities exist that history may repeat itself this year.
History might be hinting at what's next for #Bitcoin!— Ali (@ali_charts) December 31, 2023
In the last two instances, a strong $BTC performance in September, October, November, and December was followed by a bearish January. If this trend keeps up, prepare for a spike in profit-taking in January. pic.twitter.com/s3koso2lU7
Ali Martinez, a highly regarded crypto analyst, offers valuable perspectives on the present state of Bitcoin, with particular attention given to two pivotal supply zones that possess the ability to influence the cryptocurrency’s immediate course.
- Support Zone: Bitcoin finds solid support in the range of $41,200 to $42,400, backed by a substantial 1.92 million addresses collectively holding 723,500 BTC.
- Resistance Zone: A key hurdle lies between $42,500 and $43,750, with 1.67 million addresses holding a significant 706,400 BTC, forming a formidable resistance zone.
According to Martinez, a sustained close beyond these critical boundaries will be decisive in determining the direction of Bitcoin. If the price of Bitcoin were to surpass the area of resistance effectively, it could drive the leading cryptocurrency closer to the $47,600 mark.
On the contrary, a decline below the pre-existing support level may instigate a reversal, which could result in Bitcoin reassessing the $38,600 threshold.