Daily Bitcoin Transactions are Increasing – Bull is Coming?
Daily Bitcoin Transactions are increasing and reached the same point as in January 2018 according to the data provided by transactionfee.info. Some experts beleive that this is a sign of adoption and evolution of the cryptocurrency’s ecosystem.
When the Bitcoin price is at the peak ($19760) the daily transaction reached an all-time high of 400k per day. As the price drops the number of daily transactions also drops and find an all-time low in April 2018 having 180k transactions daily. Now the number of daily transactions is increasing gradually and reached the same point as seen in January 2018 that is 340k transactions daily.
A medium post with a full analysis of Bitcoin (BTC) in 2018 shows that the asset is growing and improving. The post is published by Jameson Lopp, chief technology officer at Bitcoin personal key security system firm Casa. Lopp shows various statics measurement for Bitcoin. Lopp wrote:
“A variety of improvements in block propagation have been implemented by Bitcoin Core over the past couple years and as nodes are upgrading, they appear to be having an effect. There’s also a new highly performant miner relay network.”
According to Lopp fee per transaction is reduced by a good margin, Segwit (segregated witness) adoption is increased, Improved new algorithms and batching transaction results in more efficient use of block space and less resource wastage.
Segwit adoption is increased from 10 percent to 40 percent in 2018. The market dominance of BTC is again over 50 percent after falling to 32.5 percent. “The number of reachable nodes didn’t fall much in comparison to the exchange rate — my suspicion is that people who run these nodes are highly dedicated to Bitcoin and/or using them for economic purposes, thus they are unlikely to turn off the node due to exchange rate volatility,” Lopp explained that in his post.
Some experts saying that these are signs of the next bull that was triggered with the adoption of cryptocurrencies and institutional investors. Bakkt, Nasdaq and Fidelity are on the way to launch their cryptocurrency platform.
Long Bitcoin Short The Bankers
