Bitcoin transaction volumes are now the same as those during the 2017 bull run

18 Jan, 2019 | Updated: 18 Jan, 2019
by Richard Allen
Bitcoin transaction volumes are now the same as those during the 2017 bull run

An interesting Tweet by Twitter user ArminVanBitcoin shows that Bitcoin's daily on-chain transactions have risen by 63% in the last 10 months, putting volumes on par with what they were during the 2017 bull run.

Despite quite a significant fall in price, Bitcoin has seen a surge in daily transactions over the last year. Bitcoin’s daily transactions in the last 24 hours hit a peak at around 326,685. Looking at a similar date six months ago – 17 July 2018 – daily transaction volume was 167,255. Quite an impressive surge in the span of six months amid a bear market.

This is encouraging as it shows the market believes in Bitcoin and the public’s willingness to adopt the digital currency. Additionally, in an effort to address scalability issues, the Lightning Network has increased the capacity by nearly four times to over 19,000 channels. Furthermore, because the Lightning Network is an off-chain scaling solution, Bitcoin’s daily transaction figures are likely to be much higher.

Community reactions to the news are mixed. Some say that this data can easily be manipulated while others attribute the increase to exchanges and bots. Others have expressed excitement and optimism for the future.

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Read more about: Bitcoin (BTC)


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