Bitcoin [BTC] has seen a massive spike in its network capacity despite the ongoing crypto-winter, leading to a decline in the coin’s price over the past few months. The latest research from Blockchain.info indicates that on-chain confirmed transactions have shot up to 400,000 in the past day.
The data further revealed that the last time the transactions per day saw a high of this nature was back in January 2018, when the coin’s price was hovering close to $15,000, following its $19,500 apex in December 2017.
Following the crypto-boom leading into 2018, the transactions per day dropped to a yearly low in the second quarter of the year, falling below 150,000. The transactions only began growing in July, despite the price of the coin falling consistently.
The transactions per day rose even in December 2018, when the coin dropped to its lowest price of the year. March saw significant volatility as the transactions almost dropped below 200,000 before shooting up to the recent high.
As Bitcoin off-shoots Bitcoin Cash [BCH] and Bitcoin SV [BSV], being the most notable, continually lambasting the top coin for its block size, the former’s block size has been fairly consistent as well. The BTC network’s block size has been ranging over the 1MB limit that was placed prior to Segregated Witness [SegWit] activation allowing larger blocks.
Currently, the blocksize has been within the range of 0.8MB to 1.2MB. Occasionally, there are blocks produced that are greater than 2MB.
Segregated Witness, the protocol upgrade to the Bitcoin network has added to the increase in Bitcoin transaction rate. Since January 2019, the percentage of SegWit spending payments has shot up from 40 percent to nearly half of the on-chain Bitcoin transactions.
Recently, the Veriblock blockchain went live on the BTC mainnet. This addition will allow several exchanges, merchants, wallet providers, and other crypto-centric companies to use the features of the Bitcoin blockchain to enhance security. Additionally, this integration will allow blockchains to link to the Bitcoin blockchain, thereby increasing security.
According to Bitcoin.com, the cryptocurrencies that can be mined account for close to 70 percent of the entire coin market’s valuation. The top cryptocurrencies that can be mined are Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], Bitcoin SV [BSV], Monero [XMR], Dash [DASH], and Ethereum Classic [ETC].
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.