Cryptocurrencies Exhibit Strong Gains as Positive Economic Data Drives Market Optimism

Leading cryptocurrencies have showcased notable gains, with CRYPTO:BTC, Ethereum, and Dogecoin ending the week on a high note. The market upswing coincides with favorable data from the labor market, prompting traders to declare an end to the summer lull and the onset of the anticipated Q4 bullish momentum.

Surge in Market Activity

Data provided by IntoTheBlock reveals a substantial 10.9% increase in large transaction volumes, signifying a heightened level of activity among substantial crypto stakeholders. Concurrently, there was a 2.7% growth in daily active addresses, indicating enhanced user engagement across the network.

Analysis of Transactional Value

Interestingly, the number of transactions exceeding $100,000 saw a decline, dropping from 8,750 to 8,422 in the span of a day. This suggests that while overall market activity is up, the largest transactions have decreased slightly.

Exchange Netflows on the Rise

Adding to the positive sentiment, exchange netflows have surged by 124.5%, a potential indicator of increased buying pressure as investors move their assets onto exchanges either for trading or potential liquidation scenarios. This metric signifies shifting market dynamics and could precede further price movements.

Bitcoin, Ethereum, Dogecoin