Bitcoin Transaction Volume Nears All-Time-Highs Despite Gloomy Market Conditions
https://www.newsbtc.com/2019/03/04/bitcoin-btc-transaction-volume-nears-all-time-highs-despite-gloomy-market-conditions/"Despite the current state of the markets, analysts are quick to point out that the number of transactions per block for Bitcoin are nearing their previously established all-time-highs that were set during the height of the bull run in December of 2017.
Clearly, at the moment price action is not at all linked to transaction volume, as Bitcoin is presently trading down 2% at its current price of $3,770, while its transaction volume continues to surge.
Mati Greenspan, the senior market analyst at eToro, recently spoke to Bloomberg about the growing number of transactions, noting that it gives the crypto’s bulls a reason to be optimistic.
“What I’ve been watching lately are the number of transactions on the Bitcoin blockchain and the total volumes across crypto exchanges, both of which are holding at their highest levels in more than a year…Even though we’re still officially in a bear market there is plenty of cause for optimism,” he explained.
Earlier today, Greenspan doubled down on his comments regarding the importance of transaction volume, explaining in an email that Bitcoin is now processing an average of 4.05 transactions per second, which is up significantly from where that number was this time last year.
“Volumes have subsided somewhat from the late February excitement and volatility remains subdued. Transactions on the world’s favorite blockchain however, have seen yet another significant uptick as Bitcoin now processes an average of 4.05 transactions per second,” he wrote while referencing the below chart."