Bitcoin (BTC) Daily Transactions Sit Near 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.
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.
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.
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.