Bitcoin transactions approaching 2017 bull-run levels
On-chain transactions have been steadily increasing through most of 2018.
After bottoming in early 2018 when fees peaked due to network congestion, the number of transactions have been steadily increasing.
All the while, fees have stayed relatively subdued due to SegWit being widely adopted.
Now, transaction numbers are getting back to the place they were during 2017, during much of the most recent major bull run.
Don't believe me, check this out:
(Source: https://twitter.com/ArminVanBitcoin/status/1086181428981846016)
The average daily on-chain transaction total is now roughly 325k per day.
Not only are those numbers on par with the 2017 bull run for bitcoin, but we are seeing numbers we have only really bested one time in bitcoin's history.
As you might have guessed, that was when prices peaked in December of 2017.
Check it out:
(Source: https://twitter.com/ArminVanBitcoin/status/1086181428981846016)
Why is this happening?
This is on-chain transactions, so I believe none of the new lightning network activity is being counted, though I am not completely sure on that one.
This either means there is an increase in adoption or an increase in trading.
Either way, it is only good news for bitcoin and bitcoin investors as it means bitcoin is a long ways from dying like some would have you believe.
Stay informed my friends.
Follow me: @jrcornel
thanks for sharing, this is really encouraging! this proves that btc is massively used by people, which justifies its existence!
Well maybe. It could also just mean that it is being traded more as the year has gone on...
What does that mean for future price?
Hopefully it means higher...
I'm following bro
I'm glad.
Lightning Network transactions are not included as it is a sidechains that only broadcasts endpoints. However, I read that there are now over 500 BTC on Lightning Network nodes less than one year of starting to be built. That is also and incredible amount of adoption and a key factor if use for payments wants to grow!
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Yep exactly, which means this increase in transactions is likely only due to increased adoption, increased trading, and the fees are staying low due to SegWit adoption.
good !!! your source it is good
If transactions are in fact increasing to 2017 levels, this indicates that there is at best a weak relation between transaction volume and btc/crypto price. Whales move the market. We need big Chinese players or institutions to move the market up with massive purchases.
Correct. Currently not much correlation at all. However, it does likely mean adoption and or trading is picking up, which would be better than a sharp stick in the eye. :)