Bitcoin’s Price is Up Over 30% in Past 30 Days But Increasing BTC Blockchain Fee Concerns Arise
Bitcoin (BTC) transactions remain stable despite the fact that the network has experienced an important price increase in the last two months. During that period of time, the number of transactions per day oscillated between 311,000 and 400,000 per day with the exception of May 1st and 2nd where transactions skyrocketed to 450,000k.
Bitcoin Transactions Remain Stable Despite Price Surge
According to data provided by BitInfoCharts, Bitcoin transactions didn’t grow in the last two months, even when during the same period of time Bitcoin grew from $4,100 to $8,400.
On April 1st, the number of BTC transactions registered by the network were 368,000. On May 22nd, Bitcoin transactions reached 394,000. The lowest point was registered on April 23 with 311k transactions, and the best performing day was on May 2 with 452k transactions.
With a larger number of transfers on the Bitcoin network, it is possible to suggest that usage is growing and that interest is also raising. However, transactions didn’t mirror the price surge that Bitcoin and other digital assets experienced during the last few months.
Although Bitcoin was in a bear trend in 2018, since April 2018, the number of transactions increased month after month, showing an increased usage of its network amid a bear market.
Surprisingly, Litecoin (LTC) transaction chart seems to follow a similar trend as Litecoin’s price. When the digital currency skyrocketed the first days of April, the number of transactions surged to over 39,000. When the cryptocurrency fell on April 28, transactions followed and fell to 20,000. Finally, when Litecoin surpassed $105 a few weeks ago, transactions surpassed 35,000 once again.
Bitcoin is currently the largest digital asset with a market cap of $135 billion and a price per coin of almost $7,650. Litecoin is the 6th largest virtual currency in the market with a valuation of $5.38 billion and a price per coin of $86.9, according to CoinMarketCap.