BTC TRNSACTION HIT 1-YEAR HIGH BUT VOLUME REMAINS SLUGGISH BTC
PASSES 350K TRNSACTIONS PER DAY BTC
The average number of daily transactions on the Bitcoin Core blockchain has been rising steadily since mid-2018 and recently surpassed 350,000. Save for a wild day in late 2017, when BTC notched a record 490K transactions, and the opening weeks of 2018, which saw major spikes, Bitcoin is seeing more sustained usage than ever. With Lightning Network taking a small but growing number of transactions offchain, along with Liquid, Blockstream’s inter-exchange settlement layer, the actual number of onchain transactions would otherwise be higher still.
BTC FEES REMAIN LOW FOR NOW
BTC fees haven’t been a talking point for months because there hasn’t been much to talk about. A BTC transaction can currently be made for around $0.25. While almost 50x higher than the average BCH fee, it’s still low enough to keep the majority of network users content. BTC users shouldn’t count on fees remaining permanently low however. As 2017-18 data from Coinmetrics shows, average BTC transaction fees tend to lag behind average transaction count. In other words, it is possible that BTC’s rising number of daily transactions could lead to fees also rising in due course.
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