Bitcoin (BTC) has experienced a great deal of interest as of late, largely due to a significant change in momentum and a steep rise in price. Accompanying these metrics in their rise up to previous all-time highs is the number of Bitcoin’s confirmed transactions.
According to a report from the data journalism platform Longhash, Bitcoin’s confirmed transaction count has broken 400,000 on several locations, reaching levels not seen since the 2017 bull run that saw Bitcoin at nearly $20,000.
Image Source: https://www.longhash.com/news/bitcoins-confirmed-transactions-reach-2017-bull-run-levels
Examining the Data
As seen in the graph above, the number of confirmed Bitcoin transactions per day has exceeded 400,000 several times since the beginning of April 2019. Also seen from the transactional data above, Bitcoin’s price is still far below the 2017 Bitcoin bubble level, and yet transactions have almost reached the same level at that time.
Another unique finding is that prior to July 2018, the number of confirmed transactions coincided with the price trends of Bitcoin, but now it has risen without correlation.
Currently, the maximum number of confirmed Bitcoin transactions is about 490,000, and we’ve just surpassed 400,000. Therefore, if Bitcoin’s price continues to climb, we may very well see a new record for confirmed transactions within the next few months.
All in all, the rise in Bitcoin transactions can be interpreted as a positive factor for the price of Bitcoin. It signals healthy growth, especially since Bitcoin transaction fees are still relatively low, unlike what they were at the peak of the 2017 bull run.
One more observation to be made is that the rising number of transactions indicates an increase in the number of market participants, which, again, is a really bullish sign.
When do you think confirmed Bitcoin transaction will surpass their all-time high? Let us know what you think in the comment section below.