Bitcoin’s Year-to-Day-On-Chain-Transaction Volume to Improve from 2018 as Bull Run Looks Imminent
- A number of analysts are eagerly awaiting the start of a new bull run because they believe BTC has been exhibiting a number “positive financial signals” over the past few months.
- As things stand, Bitcoin’s 24-hour trading average lays around the $23.95 billion mark — a figure that is nearly 6.60% higher than associated numbers from last week.
Bitcoin’s price has gone through a surge in the past few weeks and some of the biggest names in the industry are already looking at how the cryptocurrency’s performance is comparing to 2018. Anthony Pompliano tweeted, Bitcoin has done $274 billion year-to-date in onchain adjusted transaction volume.
Bitcoin has done $274 billion year-to-date in onchain adjusted transaction volume.
That is an annualized run rate of $677 billion, which would be ~50% more than 2018.
What doesn’t kill you, makes you stronger 🔥
— Pomp 🌪 (@APompliano) May 31, 2019
That is an annualized run rate of $677 billion, which would be ~50% more than 2018. What doesn’t kill you, makes you stronger.”
Pompliano’s statement highlights Bitcoin’s positive performance this year, which is certainly better than that of 2018. His comments did not go unnoticed either.
One commenter, CryptoHamster, responded to the tweet, stating “Now imagine to do the same with gold (“store of value”, right”) instead of #bitcoin. And they say that BTC is going to zero.”
In addition to the forecast that BTC will see a better transaction volume for this year than 2018, Pompliano also discussed bitcoin’s improved status as traditional markets get “scarier by the day.”
He pointed to issues such as interest rate cuts and quantitative easing tool, which eh assert are “ineffective by the people.” He continued, “With the current interest rates, we would not be able to cut the 500+ basis points that have been cut in the last two bear markets.”
He also looked ahead at potentially challenging decisions that financial institutions would need to make in 2020, which could possibly coincide with bitcoin halving. He painted a potential scenario, where there would be a decrease in interest rates, more fiat printing, and bitcoin scarcity. He hopes such a scenario will not occur.
He stated, “.. this is like taking a forest fire and accidentally dropping thousands of gallons of gasoline on it, instead of dropping water. Whoops!” And, “Hopefully it won’t come to fruition, but unfortunately I don’t think we have anyone awake at the wheel to stop it.”
Bitcoin Transfers on the Rise as Crypto Market Signals Indicate Prime for Another Bull Run
As many of our readers are probably well aware of, the crypto market is once again stabilizing after having faced a small bear attack over the past 48 hours or so. Additionally in the midst of all this, BTC tx’s taking place between prominent exchanges and unknown wallet addresses have continued to increase — with more than 40 such transfers having taken place since yesterday afternoon.
To further elaborate on the matter, we can see that most of these tx’s were initiated by people holding accounts within trading platforms such as Kraken, Bittrex, Bitstamp, Poloniex, Huobi, Bitflyer, and Coincheck.
(i) Late yesterday afternoon, a person on Bittrex sent a total of 999 BTC to the following wallet address: 37dbS3wEaEVccRUDmtqQTD9MdhyPFncb4f).
The hash associated with the transaction is as follows:
(ii) As part of another major transfer, a Bittrex account holder received a whopping sum of 717 BTC a few hours back from multiple unknown wallet addresses.
The destination address was as follows:
Lastly, it is also worth mentioning that the tx in question had the following OP_code attached to it:
“People! Help”, followed by an offer to buy their BTCs.
(iii) A number of transactions worth 900 BTC (which is equal to $7,634,312 USD approximately) were facilitated from a Huobi wallet.
The sender and receiver's addresses are as follows:
The hash value for the above stated transfer is:
In closing out this piece, we need to mention that a number of xfers that took place yesterday were targeted towards the following wallet address: 1PXYPhRA4owVkUKWdfxnVJNbbNaoyfwufk. It now remains to be seen what the future has has in store for the crypto industry at large.
Bitcoin’s price is $61,559.58 BTC/USD exchange rate today. The real-time BTC market cap of $1.15 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $37.83 Billion and live coin value change of BTC -2.45 in the last 24 hours.