DataLight Bitcoin Volume Research Shows Big Money is Entering the BTC Market Right Now
According to the latest data shared by Data Light, a cryptocurrency data analytic platform, big money might be making its way into the Bitcoin market right now. The basis for this is the past one year data revolving around 24 hours transactions, transaction count and an average fee of a transaction.
“In the last 12 months, the average value of a bitcoin transaction didn't change much. That's why the increasing sum combined with the booming daily number of such transactions makes us believe there’s some big money entering the market right now.”
When it comes to the transaction count, in the past year, it has been constantly moving upwards. From 144k in February 2018, it reached 350k this month.
Source: Coin Metrics
In complete contrast with the transaction count, the average fee on the Bitcoin network has been on a downward slope.
Over the last year, the average fee has been the highest at $6.9 USD in June 2018 and hit the lowest at $0.162 USD on February 7th, 2019. From June onwards, there have been two exceptions to the average fees staying below $1 USD. The current lowest point of the fee has been last hit in October 2016.
Source: Coin Metrics
Invest In Bitcoin, Before It’s Too Late
Meanwhile, billionaire investor and Bitcoin bull, Tim Draper who has previously predicted the Bitcoin price to soar as high as $250,000 by 2022 have yet again came forward with why people need to invest in Bitcoin
“before it’s too late.”
“We're two years away from everyone using bitcoin,”
said Draper, a founding partner of venture capital firm Draper Associates to Fox Business. He is further expecting a surge in Bitcoin adoption, all thanks to the Lightning Network which is the second layer on Bitcoin network to make instant and scalable transactions while lowering the costs.
In the coming years, he feels cash will be a thing of the past as Lightning Network
“will make it much easier to use your phone to buy things with bitcoin. In five years we'll try to use fiat money to buy coffee and the barista will laugh.”
He further believes criminals would be the only ones that will use cash. Draper further added,
“I feel the money in my bank is less secure than my bitcoin is. Banks are constantly trying to stop hackers from breaking in, but so far no one has managed to hack the bitcoin network.”