If anyone here is keeping an eye on the mempool like I am you would have noticed a huge increase in transactions today. For the last few weeks we have pretty much been running empty blocks. Number of tranasactions in the pipeline has been sitting below 2000 for a good portion of the time and often into the hundreds at certain stages.

Well, today the number of transaction rocketed up to over 40,000 (currently above 20k). This could mean 2 things, someone has spammed the network in a massive way after the El Salvador announcemnet to make it look like demand for Bitcoin has returned. Or demand has actually returned. Considering the bounce in the price it may very well be the second option. To see if we get any follow through on this recent event we should see continued high transaction numbers. Keeping an eye on new short-term holder addresses is also a good way to confirm the demand, an increase in these addresses would mean an increase in demand for BTC again.

Fingers crossed this all keeps up, because if it does a bottom has been put in place.