Bitcoin Price First Saw $5,000 BTC/USD for First Time October 2017; What has Changed Since?
Yesterday, Bitcoin hit $5k after more than four months. The first time Bitcoin hit $5k has been in its last bull run to $20,000 in October 2017. Since then, BTC price might have gone down but the network has seen considerable growth.
After 4 Months, BTC Saw $5k Again
It was October 12, 2017, when Bitcoin hit $5k that we have been struggling to reach. The last time we saw $5k has been in November 2018 and has been nearly four and a half months since we saw this.
While the price has been moving downwards, the network has grown during this period.
On October 12, 426,771 payments per day were registered while April 2nd saw 427,865. So, the network has been maintaining these numbers constantly. As for the adjusted transactions volume, it fell from $2.9 billion to $1.8 billion. Active addresses also dropped from 783,622 to 690,267.
Transaction fees saw a significant decrease during this time as about a year and a half back it was at 174, on April second Tx fees (BTC/day) was 61.8.
Meanwhile, the hash rate surged significantly as it went from 7.6 million in October 2017 to the current 45.2 million. Hash rate basically measures the performance of Bitcoin miners who secure the network and the higher the hash rate, the more resources it requires to attack Bitcoin blockchain successfully.
The growing hash rate shows that since then more miners have joined the network and securing it.
During this time, the block size made a record as the recent one has been 1.23 MB while in late 2017 it registered at 1.02 MB.
More and more people have shifted their interest towards Bitcoin as well which is evident from the huge increase in numbers in the Bitcoin subreddit that grew from just 355k to 1.05 million.
The second layer on Bitcoin, the Lightning Network wasn't available in the October 2017 which today is only grow further. The latest stats, according to the data provided by 1ML, has its network capacity risen to $5.3 million as it currently sits at 1,071 BTC. In the past few months only, the number of nodes has grown 7,882 while the number of channels has risen 22 percent to 39,129.