Bitcoin’s Recent Bull Run Different Than October 2017: Payments, Volumes, Fees, Hashrate And Social Stats
Bitcoin’s Recent Bull Run Different Than October 2017
Bitcoin has performed surprisingly well this week, surging to over $5,000. The last time it was this high was in October 2017. For those who are skeptical – and there are a number of them – several differences exist between the past’s bull run and this week.
For instance, Kevin Rooke tweeted on the issue and highlighted the differences between payments per day, adjusted tx volume, tx fees, active addresses, hash rate, block size, subreddit size, and the lightning network. Based on the tweet, it can be seen that the payments per day is largely similar. The difference is just over 1,000 payments. There has also been a decline in transaction fees. In October 2017, its fees were $174, which is well over the current rate of around $62.
Further, the hash rate was 7.6 million TH/s in October 2017 and it has increased to the current amount of 45.2 million. This may be due to an increase in miners. Another notable difference is the lightning network. Back in 2017, it did not exist in relation to bitcoin. However, it is here now and it may have been one of the main causes for lower transaction fees for bitcoin users. It will certainly be interesting to see where bitcoin goes from here.