New All-Time High Bitcoin Network Usage

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

The network of the world’s first cryptocurrency has been approaching All-time high network utilization numbers this past few weeks despite the fact that the price is down by about 40$ from its all time highs.

According to visual data analytics service provider, Bitcoin Visuals, there were around 860,000 transactions inputs on the first day of July which is near all time high of 885,000 which was last seen in January of 2018.

Outputs have also been nearing all-time highs of little over a million similar to 2017 when BTC was $20,000 and mid 2015 during the test related to the scaling debate.

It must be noted that one Bitcoin transaction can constitute several transactions which means that utilization of the bitcoin might be understated in comparison to other cryptocurrency like Ethereum which seem to have a ot more transaction count than BTC.

Increasing number of usage of BTC’s network is a healthy indication that the recent increase of prices are not result of market manipulation which some has suggested but real increase of demand and adoption.