Bitcoin Transactions Reach All-Time High
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Bitcoin Transactions Reach All-Time High

The Bitcoin (BTC) blockchain has reported a total of 393,698 confirmed transactions on March 28 as both its hash rate and coin price climbed steadily over the past month.
The latest ‘confirmed’ transactions are now positioned at the highest value since the beginning of January 2018. Moreover, it stands only 20 percent lower than the highest ever recorded value of 490,644 transactions per day achieved during the 2017 Bull Run. This is an indicator that adoption for dominant cryptocurrency is on the rise.
Bitcoin passing through Longest-Ever Bear Market
With a maximum throughput of approx 14 transactions per second (tps), the Bitcoin (BTC) network is currently functioning within its maximum capacity thereby achieving an average of only 4.6 transactions per second (tps). However, experts believe that the transaction fees may begin to creep up as the network gets close on to its maximum capacity. Currently, the fees charged stands at roughly US$ 0.37 per transaction, having gradually increased from only US$ 0.05 at the start of 2019. It is still far away from reaching the striking US$ 37 per transaction that was experienced in December 2017.
With Mempool filling up and Veriblock back to 20% of Bitcoin transactions, the era of low fees will not last for a long time. At present, the average block time is slightly below the 10-minute average the system works to maintain at 9.86 minutes. This is the outcome of the recent spike in mining power being pointed at the Bitcoin network. Not only this, the hash rate has increased more than 10 percent since the beginning of the year — increasing from ~41 exahashes (second) to 46 exahashes per second in March 2019.
Thanks to the growing popularity of Bitcoin, the world’s most popular cryptocurrency has gained significant value in the past several weeks — increasing from as low as US$ 3,400 in February up to over US$ 4,100. Further, the increase in the price of Bitcoin correspondingly increases the profitability of Bitcoin mining. This, in turn, creates a reinforcement loop that strengthens the value of Bitcoin as the health of the network improves.
Ethereum Transactions on the Rise
On the contrary, Ethereum (ETH) is going through a significant bump in daily transactions — increasing from around 381,000 transactions per day in February 2019 up to over 634,000 as of March 29, 2019. During this period, the price of Ethereum has also spiked from US$ 123 to US$ 141. This is an indicator that the growth isn’t limited to just Bitcoin.
Citing the remarkable growth in user transaction volume, Weiss’ Ratings reported the following in its Annual Outlook for Cryptocurrency Industry:
“Despite lower prices since 2018, our rating model shows that a critical segment of the cryptocurrency industry has achieved remarkable growth in user transaction volume, network capacity, and network security. Our finding shows that these improvements are often powered by an evolution in the underlying technology. Thus, for those willing to take the risk, the best time to invest is coming soon.”
Besides Bitcoin (BTC), Weiss has issued A ratings to XRP and EOS. Weiss noted:
Since February 2018, the volume of user (intranet) transactions of the ten most widely used cryptocurrencies increased by 245 percent.
The agency also reported that Bitcoin is “the undisputed leader of adoption” and that “its value is not controlled by the authorities, and it may turn out to be a safe haven during disasters.”
It is also worth noting that the share of payments in Bitcoin made using Segregated Witness or SegWit, had also gradually increased since its activation in summer 2017.
According to the latest data, such payments now account for almost half of all Bitcoin transactions within the network.
The launch of the SegWit protocol turned out to be a successful step in reducing commissions for transactions on the Bitcoin network. Starting from a peak in December 2017, the cost of using Bitcoin is at an all-time low, despite the fact that the network handles on average more transactions.
Our Take on this
If we look at the previous years’ data, Bitcoin was dependent on April month. Amid the crypto winter of 2014-2015, Bitcoin saw a slump. A year ago in April, Bitcoin was strong enough with a hike of 40% throughout the month and 33% over a similar period the earlier year.
Analysts are expecting the same or more gain this year. If the same would happen, analysts believe that the increase could push the prices through resistance levels and send BTC to $5,000 or higher.

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Jay is an experienced cryptocurrency trader who is well informed, knowledgeable and passionate about exposing scams in the cryptocurrency industry.

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