Bitcoin (BTC) Daily Transactions Sit Near a 10-Month High

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Voyager
Voyager

The number of daily transactions on the Bitcoin (BTC) network continues to grow as last week’s average daily total of 273,672 represents a 10-month high.

According to data from Blockchain, the daily transactions peaked at the height of the December-January bull run, topping out around 500,000. As investor interest cooled and prices fell, the daily transaction numbers dropped to as low as 135,000 in April.

BTC Daily Transactions via Blockchain

Since that time, daily transactions have more than doubled, nearly reaching 300,000 in the last few days. Over the same period, Bitcoin has traded down, now hovering above the $6,000 level for the last 3 months — an interestingly¬†high price floor, as multiple people¬†have called for a $5,000 price target during this bear market, perhaps justifiable with¬†logarithmic analysis.

BTC Daily Transactions, 7-Day Average via Blockchain

Over the same period, the cost per transaction, or the miners’ revenue divided by the number of transactions, steadily dropped from January highs and currently sits near a 1-year low of $36.

BTC Cost per Transaction via Blockchain

While Bitcoin’s network is clearly maturing, altcoin networks are also beginning to gain momentum. Most recently, on November 9, the total transactions conducted on the TRON network totaled 1.367 million, officially surpassing Ethereum’s record¬†of 1.349 million transactions made on January 4, 2018, at the height of the crypto bull run.

More: Bitcoin Blockchain Data

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

 
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