Bitcoin Records an Unprecedented Daily Transaction Processes; 1000% Increase In 2017

Bitcoin couldn’t do anymore better this year with the daily total value transacted on the network increases, in addition to the cryptocurrency hitting its all-time high over $,8000 the past weekend.

Despite some unbearable regulations coming into play, Bitcoin seems to be reaching new highs every week. Just last week, the value of transactions made daily, sent through Bitcoin network was a staggering $2.8 billion in just a single day. In estimation, roughly $200 million dollars worth of bitcoins was being sent around the bitcoin network daily as of January. Until May, Bitcoin enjoyed a balanced state and experienced a stable rise in the total value of the transactions processed by the network.

During the latter parts of that very month, an estimated $700 million was being transacted on the bitcoin network.
Well, things seem to have changed with the number continuing to rise which can be attributed to the recent developments surrounding the cryptocurrency. Many have made predictions as well as suggestions that, Bitcoin will surpass the $10,000 mark in a few months and when that happens, we could be in for another record for daily transactions.

However, the price of the cryptocurrency has attained a new all-time high at $8,040, just a week after slipping to $5,600.
After the cryptocurrency experienced a dip in value over the past few months, the value being transacted on the Bitcoin network rose up prior to the release of Bitcoin cash from the much-anticipated Bitcoin fork which was eventually suspended.

In the early parts of August, the daily value of transactions sent around the Bitcoin network was nearly a billion dollars but then there was a decline in numbers as the figure went as low as $600 million by the latter stages of September before moving back up and this time with a bang taking the number to $1.5 billion by late October.

Finally, on the 16th of November, the total value transacted over the Bitcoin network in a single day hit a new all-time high at $2,803,405,660.

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Recent Shifts in bitcoin price

The major issue surrounding Bitcoin still remains the decision for a bitcoin fork. The transaction speed of transactions was becoming slower which was as a result of scaling problems and according to some bitcoin developers, the Segwit2x, was going to provide a solution for that. It would have moved the block sizes from 1MB to 2MB, thus doubling it, which give room for more transactions.

Due to the debate around this proposed Segwit2x update, a group already proceeded to create bitcoin cash.

Segwit2x was scheduled to be implemented in November but due to the uncertainty about the decision to undertake it, the development was called-off. Many investors had come to believe that, the proposal would have increased the capacity of the bitcoin network. Some hold the view that, the increase in confidence of the proposal was what accounted for the rise in the price of bitcoin.

Daily Transactions coming to a standstill

Prior to the surge in the daily transactions, the number of daily transactions on the Bitcoin network was somehow stable. Not much increase was recorded and stressing on that, the highest rolling week of total Bitcoin transactions over the Bitcoin networks in the year was back in May. The daily number of transactions happening on each day in this month is similar to that which happened in February.

Another Daily record Transaction

With the rate at which Bitcoin is rising significantly, it wouldn’t be a surprise if the total value of daily transactions hits a new high. Many investors are looking forward to pumping in more money as well as bitcoin platforms also seizing this opportunity to expand.

Coinbase, arguably the largest bitcoin brokerage and wallet platform in the world on the 17th of November announced the introduction of Coinbase Custody, another bitcoin trading platform for institutional and retail traders. On Coinbase Custody, large-scale investors can invest a minimum value of $10 million in bitcoin.

Speaking on after the initiative was Brian Armstrong, the CEO at Coinbase, who stated that:“We already store billions of dollars’ worth of digital assets on behalf of our customers. We serve thousands of institutions via our GDAX product, the leading digital currency exchange in the U.S. We’ve raised $216M from venture capital firms and financial institutions like the NYSE/ICE, USAA, BBVA, Westpac, and MUFG. And we have approximately 200 employees working across our three offices in New York, London, and San Francisco with deep industry knowledge.”