The number of daily Bitcoin transactions surges by 34 percent, surpassing the high recorded in January 2018. The increase in transaction record is taking place at a time the crypto winter market has been lingering for over a year now. Could the BTC daily transaction be heading for another new all-time high this year?
34 Percent Increase In Bitcoin Transaction Since January 2019
The total of daily Bitcoin transactions has seen an increase to over 350,000 in 2019. This is a 34 percent increase since January 1. The total of daily transactions of BTC on January 1 was 234,725 BTC, and there has been a drastic increase over the first two months of the year.
The highest ever Bitcoin daily transaction was recorded in December 2017 while the value was at its apex. This was over 490,000 daily BTC transactions in a day. The last time the crypto market saw BTC daily transaction as high as the recent record was January 2018.
Notably, despite the recent surge in the number of daily transaction of BTC, it has not affected the value of the crypto as the winter market continues.
Most Crypto enthusiasts on Twitter expressed their views that there is no correlation between daily transaction because traders can now short Bitcoin when they please. A Twitter user noted that “price will not catch up if you can short the market. Bitcoin isn’t going anywhere until this problem is resolved.” Also, another stated that “I’ve been checking this daily. Almost seems too good to be true. Where are all these transactions coming from?”
While the reason for the surge in the daily transaction is still not clear, a Twitter user stated that it could be because of the recent popularity in transacting with the lightning network. Quoting the user, he says, “I’ve been opening a fair few LN channels recently. Wonder if more people playing with LN is adding to that # Did 8 on chain tx’s playing around just yesterday.”
New Daily Transaction Record
Bitcoin saw the highest record of a daily transaction in December 2017 while the bubble was on. Regardless of the adduced reason for the recent surge in the record of daily transactions, this could be a sign of a turn around to the winter market on the horizon.
Also, the Bitcoin market could even see another highest record of a daily transaction made this year. However, time will reveal the possibility.