Attention Attention, Read All About It: Bitcoin (BTC) Transactions Reach New 14-Month High
Bitcoin Transactions Reach New 14-Month High
Bitcoin transactions have reached a new high in more than 14 months after several months growing. This is very bullish for Bitcoin that has been in a bear trend for over a year. The last time Bitcoin transactions were at this high was during the bull market in 2017.
Bitcoin Transactions Continue Growing
Bitcoin transactions have been growing since April 2018. At that time, the number of tx processed was similar to the one registered at the end of 2015, which was very bearish for the space. However, things have currently changed. Almost a year since that moment, Bitcoin transactions are reaching a similar value they had in December 2017 when Bitcoin was traded close to $20,000.
According to data provided by BitInfoCharts, on March 27, the Bitcoin network registered 383k transactions. This is a similar value as in January 2018 and December 2017.
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It is worth mentioning that Weiss Ratings informed that we could be close to “the best time to invest” in virtual currencies. In order to back this, they took into account the growth in user transaction volume.
Back in January 2018, the Bitcoin price was close to $17,000. This is quite surprising. At that moment, people believe the number of transactions was due to the high price of the digital asset and the interest in the virtual currency. However, Bitcoin’s current price is just $4,000, 76% less than in January 2018.
Although the number of transactions has been growing during the last months, txs in the network are far from being much more than a few years ago. Indeed, on March 10, the Bitcoin network registered 212k transactions, almost the same as the number of txs registered in November 2015.
Bitcoin registered a record in transactions on December 14, 2018. This day, Bitcoin had 490k transactions. Thus, txs should increase more than 25% from current values to reach the record registered in 2017.
There are some analysts that suggest that the current transaction growth is related to the fact that the crypto winter is reaching an end. According to Naeem Aslam, ThinkMarketsUK’s chief market analyst suggested that Bitcoin could eventually reach $400,000 per coin.
About it, Aslam mentioned:
“There is a high chance that the next bull run has a minimum potential of pushing the price 5 times higher. That is over $100k. I personally believe that each Bitcoin can go up as much as $400k and if history repeats itself, this number is not a fool’s paradise.”
At the time of writing this article, Bitcoin is being traded close to $4085 and it has a market capitalization of almost $72 billion.