Bitcoin number of transactions all time high?? BEAR MARKET IS GONE!

[dothebeats]

A huge number of transactions occurring in the network doesn't necessarily mean that the bear market is gone. Do know that after the top blow-off in 2018, similar volumes occurred due to a lot of people selling and wanting to get out of the catastrophe, and that was the start of a bear market continuing until now. Now, the recent volumes doesn't really translate to a reversal of the trend IMO, as we should see some movement by now, but we don't.

it takes more than an increase in transaction volume to spell the end of a bear market, and I'm afraid we still lack some of the metrics.

[Bitcoin-Turkiye]

bitcoin transactions  have increased. this is good news. People are making bitcoin purchases, but I can't say that this is a bull beginning, because I'm not sure.. but if the price of bitcoin does not fall down again, and if continue to rise steadily, we will enter the bull market..

[OlympianBitcoin]

Bitcoin reached the ultimate bottom, hurray, the bear has ended. Wait, or maybe it's just a start of another sideways wave...

So yeah, it is a useful statistic but it doesn't really mean the danger is left behind. All it takes is a solid dump and then who knows where we end up. Probably in the same range again

[eaLiTy]

Looks like we are out of bear market!

Please check number of transactions for the Bitcoin. Very close to all time high.
If this is not proof of adoption for some people I don't know what adoption should be like.

The number of transactions is not at an all time high, the average transactions are in the same range as before and there is nothing special about the current levels, if you check the past few years, the average transactions per day are similar and i really do not see any major difference, anyone has a different opinion can speak up. I am not certain whether the bear market is over, but we can see the signs of recover from the market situation we have seen in the past week.

[RareFortune]

I think it would be better to say that we already reach the bottom since 2018 crash started instead of saying that the bear market is gone. It is good to see that the transaction per day is increasing but it is not enough to put a stop of the bearish market.

[DooMAD]

The raw number of transactions is a problematic metric, because it doesn't really tell you as much as you'd initially think it does.  

It's worth considering the significant impact of transaction batching for starters.  One transaction can be used to transfer value to multiple recipients.  Prior to 2017, many Exchanges were pretty reckless in terms of not batching transactions and wasting available space.  Most have reformed their ways since then.  More people can receive payments using fewer transactions now.

Conversely, not every transaction is an actual transfer of value from one person to another.  Sometimes users are just moving funds from cold storage to a hot-wallet or vice-versa.  Some transactions are merely for other blockchains, altcoins and certain services to leverage Bitcoin's security for their own means.  Transactions like this are not indicative of any kind of economic benefit to Bitcoin.

If you're trying to use any of this information to read into market price swings, it starts to look pretty tenuous at best.

[Johnzky]

It is a useful statistic but we don't know if it's people dumping all their bitcoin to get out, or trading with various pairings. Price doesn't indicate that they are buyers but this chart will hopefully put them at ease to know that bitcoin is here to stay so they'd better invest quickly

Nice analysis mate and you are right because if this is investing transactions for sure we can feel the growth on market but suddenly not so its more on dumping and not buying.hopefully the next high volume transactions will favor the market prices for good and not for dumping

[Koadharber]

Looks like we are out of bear market!

Please check number of transactions for the Bitcoin. Very close to all time high.
If this is not proof of adoption for some people I don't know what adoption should be like.

https://twitter.com/vradovic/status/1104489493229264896

Even we see that bitcoin transaction is very close to all time high we cannot say that we already survive in this long bear market,a high transaction of bitcoin this year is due to many holder withdraw their tokens or they transfer it into the other exchange that's why we cannot call it that we already escape in the Bear Market.

[Ispep]

We could have high/low/average transaction numbers, it has nothing to do with we getting away from the bearish market.
Numerous transactions can mean a lot, even negatively, it could be dumpings happening which will further reduce the price.
We want high level of transactions, but it's no determining factor to end the bear market

[stompix]

Even we see that bitcoin transaction is very close to all time high we cannot say that we already survive in this long bear market,a high transaction of bitcoin this year is due to many holder withdraw their tokens or they transfer it into the other exchange that's why we cannot call it that we already escape in the Bear Market.

We are nowhere close to the ATH in number of transactions. The peak was well above 450k and we barely reached 250k.

Besides, the situation has completely changed in the last few days and now we're close to experiencing the lowest number of transactions per day this year.

So, bottom line, judging by the same logic we're back in bear territory. 

Conversely, not every transaction is an actual transfer of value from one person to another.  Sometimes users are just moving funds from cold storage to a hot-wallet or vice-versa.  Some transactions are merely for other blockchains, altcoins and certain services to leverage Bitcoin's security for their own means.  Transactions like this are not indicative of any kind of economic benefit to Bitcoin.

And sometimes even a normal payment that should theoretically be one tx is taking 3 or 4.
Yesterday I bought something from a store, my funds moved to the payment address, in the next block to another, in the 3rd a batch transactions with two more inputs, and again another batched transaction with 5 this time, and then the entire sum moved again to an address where they currently wait.

[thefoex]

the number of transactions can't be used to determine whether the trend has changed or not. this is very irrelevant, because each transaction has a different purpose. it could be that those who send this bitcoin sell it.

[esetop01tryba]

Looks like we are out of bear market!

Please check number of transactions for the Bitcoin. Very close to all time high.
If this is not proof of adoption for some people I don't know what adoption should be like.

https://twitter.com/vradovic/status/1104489493229264896

The number of transactions is growing rapidly, but I think this is not the case for bitcoin growth, but I also believe that the bearish trend is behind us. As far as I know in London accepted bitcoin ETF and I think it should move the price up.

[demenBTC]

The amount of transactions is not really related to the condition of the market and does not show a real demand in bitcoin. As you see, the number of transactions is growing while the bitcoin price remains at the same level. In this situation, the only thing we can get is increased miner fees.

a transaction can also affect the market situation, traders will see all market transactions as a consideration for making decisions between buying and selling, in my opinion this is a real indicator

[gentlemand]

With batching and other things the numbers of txs is no longer a totally dependable metric.

As is pointed out here - https://twitter.com/coinmetrics/status/1104913875240128512

Veriblock's spam have been a huge percentage of transactions. That's now stopped. They'll be spamming again in a few days.

[Pumared]

Transactions is not an accountant for adoption, I believe neither the number of addresses. To know if there is an adoption, I would count the number of stores that accept crypts as payment. That would say, basically, that people are interested in both customers and stores.

[pixie85]

Transactions is not an accountant for adoption, I believe neither the number of addresses. To know if there is an adoption, I would count the number of stores that accept crypts as payment. That would say, basically, that people are interested in both customers and stores.

Of course it isn't because you can spam the network much like Bitmain did in 2017. Much of it can be fake like some people's instagram followers

I feel like the bear market is over and we are in the sideways trading zone again like we were in Summer of last year. If we are to fall lower we'll need a rally first. I don't feel like we're going to drop below 3000 from here. A double bottom or a rally followed by a bottom is what my gut tells me.

[exstasie]

With batching and other things the numbers of txs is no longer a totally dependable metric.

As is pointed out here - https://twitter.com/coinmetrics/status/1104913875240128512

Veriblock's spam have been a huge percentage of transactions. That's now stopped. They'll be spamming again in a few days.

Is that verifiable? Veriblock seems very obscure and I don't see any evidence presented showing they were accounting for "20-30% of BTC transactions." The only evidence CoinMetrics shows is transaction volumes dropped when their testnet was supposedly taken offline. I'll have you know I took a shit at the same time and my flush of the the toilet is what caused the drop in volume. There's just as much evidence supporting that theory.

[Twinkledoe]

Transactions is not an accountant for adoption, I believe neither the number of addresses. To know if there is an adoption, I would count the number of stores that accept crypts as payment. That would say, basically, that people are interested in both customers and stores.

I am more inclined with your concept of adoption as the number of transactions per day doesn't mean that many people are using it for their daily living. For all we know, most of them are whales doing their back and forth trading. More merchants, shops, stores, or whatever you call it are using crypto as means of payment, then for me, that is the real crypto adoption.

[BitcoinNewbie15]

Looks like we are out of bear market!

Please check number of transactions for the Bitcoin. Very close to all time high.
If this is not proof of adoption for some people I don't know what adoption should be like.

https://twitter.com/vradovic/status/1104489493229264896

Even we see that bitcoin transaction is very close to all time high we cannot say that we already survive in this long bear market,a high transaction of bitcoin this year is due to many holder withdraw their tokens or they transfer it into the other exchange that's why we cannot call it that we already escape in the Bear Market.

I'm not so sure this is correct, as if this were the cause, the daily volume would be rising in proportion to the TXs per day which doesn't seem like this is the case. I'm sure a small percentage is due to people dumping, but one thing you have to keep in mind is that most exchanges are using batching now. So even if people where sending coins from exchange to exchange to dump, this would have a very small impact on the daily tx count due to batching.

Daily TX/day increasing is a very bullish sign, this is what initially caused me to buy more bitcoin during 2015. TX per day was consistently rising, and now it appears to be recovering from the collapse in tx count from the 2017 bubble. I think it would be very wise to keep an eye on this metric. I have been doing this since 2015 and it has yet to lead me wrong... Now is the time to be accumulating

[Pumared]

Transactions is not an accountant for adoption, I believe neither the number of addresses. To know if there is an adoption, I would count the number of stores that accept crypts as payment. That would say, basically, that people are interested in both customers and stores.

I am more inclined with your concept of adoption as the number of transactions per day doesn't mean that many people are using it for their daily living. For all we know, most of them are whales doing their back and forth trading. More merchants, shops, stores, or whatever you call it are using crypto as means of payment, then for me, that is the real crypto adoption.

Yes, moreover, transactions are spammed with 1 or 2 satoshis at all times. And, of course, this is not adoption.