The number of Bitcoin transactions has reached a 21-month high, with experts speculating on what this could mean for the cryptocurrency's price.

The number of transactions on the Bitcoin blockchain has recently reached a high of 300,000, the highest level since April 2021, according to crypto analytics firm Glassnode. This increase in activity on the Bitcoin blockchain coincides with a recent surge in the price of the cryptocurrency, currently trading at around $21,100, up 28% this month. Traders attribute this to macroeconomic factors such as easing US inflation concerns and evidence of a slowing US economy. However, other metrics, such as the total value of Bitcoin transferred across the blockchain, remain low. This suggests that the recent transaction surge may not reflect an increase in demand for the tokens, and the on-chain data may not signal an imminent continuation of the bull market.