Bitcoin Usage Nears All-time Highs in Number of Transactions, Set to Challenge Dec 2017 Record
Since hitting $20,000 in December 2017, Bitcoin price has been on a downward shift, having dropped to the yearly low of $3,200 level in 2018. Currently, the leading cryptocurrency by market cap is down about 80 percent from its all-time high.
If analysts and experts are to be believed, another bull cycle is yet to come, at least not this year as crypto winter isn’t over. Maybe we would see even more pain with Bitcoin falling below $3k to find the bottom, that’s to be seen.
Bitcoin price chart representing 80% drop in price since Dec peak, Source, TradingView
However, the Bitcoin price chart isn’t what you need to focus on as a different chart is showing the strength of Bitcoin fundamentals and moving towards breaking its all-time high.
The average number of transactions per block on the Bitcoin network has been constantly rising throughout the last year. The peak has been hit on December 21, 2017, at 2,704 transactions per blocks from where it plunged to 847 transactions per blocks in late February.
After constantly rising last year, the transactions are reaching towards the peak yet again and looking to break the record as, on March 2nd, 2019, the transactions recorded per block has been at 2,544.
Average number of transactions per block on Bitcoin network close to reaching the peak, Source: Blcockhain.com
Well, this surely has the crypto community contemplating when the price will see the same action as the crypto trader, MoonOverlord wonders,
— moon (@MoonOverlord) March 3, 2019
Well, bitcoin price is not catching up for now, but the fees on the Bitcoin network is certainly going in the right direction that is downwards. It has gone down considerably since the beginning of last year. According to the data provided by Blockchain.com, the cost per action which is the miners’ revenue divided by the number of transactions, back in March 2018, it has been at $134 USD while on March 2nd, 2019, it has been at $19 USD.
Just look at the Bitcoin stats 12 Months on.
— fil₿fil₿ (@filbfilb) March 1, 2019
The fundamentals are only getting stronger the more we move forward. One Bitcoin enthusiasts shares,
“In the 2014 bull market, we saw price swings of +/- $100 per day for the first time ever. In 2017, we saw price swings of +/- $1,000 per day. In the next bull market, we'll see price swings of +/- $10,000 per day.”