Ok. Number of Bitcoin transaction increased double. Expect price increasing?

[Latviand]

As mentioned, transaction increasing does not necessarily mean a price increase. There could be an increase of wallet address that is owned by a single person, somebody needs to distribute his funds to more people but does not necessarily sell them, an exchange needs to move their funds from a hot wallet in shorter time frame, etc.

A better metric to predict a price increase would be trading volume, with some indicators and tools. Other than that, analyzing the 'fundamental' status is also a good idea. Such as how many merchants and users are using Bitcoin, what's the improvement of the network on the future, is there any competitor, etc.

What a good strategy! But on the other hand, it is still risky because we're not certain when it will increase its price again. We all know that bitcoin is very unpredictable because of its volatility and how come that many people still trust bitcoin on its ability as a famous coin. From the start, bitcoin is really can go higher and higher when it is on its peak and that's the reason why hodling is very useful for us bitcoin fans. Patience is needed because nowadays there's no such thing as an instant money.

Actually, bitcoin transactions at this moment is lower than before and also,  the market transaction has nothing to do with the market price as long as the transactions are settled in a low market value. Demand will be the factor along with the market volume that would make changes with regards to the market price of a crypto not only Bitcoin. So be careful still and do not be carried away by the hype just because someone told you to do so.

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[Vaculin]

I wouldn't expect to see an increase right away, but I believe its effect will be felt in the long run.
Increase of transactions simply means increase of users, and that is called "adoption", which everyone is expecting for bitcoin in the long run.

I would say we are at the right patch now, so please be patient.

[hello_good_sir]

The number of transactions on the bitcoin network may be correlated with Bitcoin price - we won't even discuss whether weakly or strongly.

But that doesn't mean that it's the *cause* to bitcoin price hikes. It could be possible that it is simply a delayed reaction to bitcoin price rallies, not the other way around.

That is the important distinction to make. Besides, even if it does play a role in somewhat shaping demand for BTC, I doubt that it supersedes the other factors influencing demand, like the 4 year cycles under which BTC prices operate under.

[rizkyalhabsy]

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?

i am not sure about it, busy network can means more than it, probably because that, probably because just for make a fake scheme.

Btw, i recently got airdrop token, which is exchange token, BPX?

Do you guys think that this kind of token may have a good value or nothing?

never heard, sorry.but so far i heard 1BPX= 1 usd

[CarnagexD]

Add to that is the hype that the situation in Iran, Venezuela, etc created. It created the hype that everyone being aware even not from that situation ride the situation and increasing the transactions. The more people being aware, the more they will use bitcoin and hopefully adoption which we expect is here.

On my opinion, the situation in iran is quite obsolete to be taken as the reason for the sudden increase in transaction rate we are experiencing right now. Yes, there might be an implication with this tension to the market but that is for about weeks ago already. Market correction has already done last week and the reason for me is because it is time already, that most of the traders see the good chance to buy at this time, and it is purely based on the market itself with a little push by the thoughts of bitcoin halving that will probably occur soon.

It could've caused a sudden dump or something in bitcoin's price if we were to consider the conflict going around Iran right now. But since it's so miniscule in regards to it's impact to bitcoin's price, we can't really give credit to the issue arounf Iran right now. Apart from that, the increase in transactions won't necessarily mean that bitcoin's price is going to increase, it has to be mostly cashing in and lesser people pulling out in order to make an increase, and it also have to be a large number of people doing this in order to make a difference in the price.

[btcmurat]

When the number of Bitcoin transactions increases, watch the market carefully. Bitcoin volume may be increasing. When bitcoin dominance increases, altcoin prices will drop. However, the increase in bitcoin transactions means that interest in bitcoin is increasing.

[luppecuppe]

Bitcoin transfer times are getting longer. I am not very happy with this situation. But bitcoin value is increasing. People's interest in bitcoin is growing. For payments instead of Bitcoin, XRP or Eth can be preferred.

[TheCoinGrabber]

https://bitinfocharts.com/comparison/bitcoin-transactions.html#6m

Transaction volume on-chain is actually going down slowly. Not sure what gave you the impression that it doubled, but that's simply not true.

https://bitinfocharts.com/comparison/ethereum-transactions.html#6m

Ethereum transactions saw a decline in the same period as well, which is indicative of how poor the sentiment is. People are more active when prices are going up then slowly exit when the price doesn't want to go up anymore.

Maybe he just thought that coz the price is rising people must be buying or trading more. It seems that currently we've reached a sort of plateau again. Maybe someone need to inject money in again to trigger people to move once more.

[Aying]

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?


Btw, i recently got airdrop token, which is exchange token, BPX?

Do you guys think that this kind of token may have a good value or nothing?

I think the increasing of bitcoin happening everyday is more than that, everyone saw bitcoin everywhere in online store because I heard that bitcoin is one on the list of their transaction options. so we can expect that many users will arrive and want to use bitcoin for easy transactions.

[bettercrypto]

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?

The rising of Bitcoin transaction is expected in the long run. Despite short-term fluctuations, it is rising in the bigger picture.

The price is a different story. The number of transactions is not directly correlated to the price such that an increase in transactions is not necessarily equal to an increase of price.

Yes, there is no correlation between price and number of transactions because a person can transact multiple times but he can't buy bitcoin always. Probably, if he will buy btc there is a possibility that he buy for a bulk. If it not, he is lose in trading fees.
However, there is a positive response from having a lot of transactions. It means that time by time, people are more using bitcoin payment. And it is a sign for a price surge of bitcoin.

[CodyAlfaridzi]

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?

I've never seen an analysis of correlation for number of transaction and price. But still, it could be a good thing, that is actual people using Bitcoin but it could also be just a spam transaction like the one that we had in 2018 2019. But if there are actually more people using Bitcoin then yes, it's a good thing. I've also read that the hashrate keeps on making new high this months which is bullish in general imo,

Btw, i recently got airdrop token, which is exchange token, BPX?

Do you guys think that this kind of token may have a good value or nothing?

Nah, dump them asap.

[magneto]

There's no point trying to extrapolate information from unproven data that can be completely irrelevant - this is an instance of exactly that.

Bitcoin transaction volumes could be a function of price, instead of the other way aronud. We'd be assuming that bitcoin transactions are the independent variable to price when in fact, it could be dependent on price. And it makes sense for BTC transactions to double over time in the long haul as well, since adoption is increasing, and we're recently experiencing a very strong start to 2020 in terms of BTC price growth.

Short term, look at TA, and long term, look at fundamentals. No point looking to these irrevelant statistics.

[LUCKMCFLY]

So i heard that the number of Bitcoin transaction increased double recently.

which means i can expect price increasing near future right?

It does not necessarily mean that as operations increase the price increases, in many cases they often use many bots to perform such operations, what can increase the price is adoption, in some part it is good that stablecoins close to launch drive people to know about technology, and it will be an easy way to go to get to Bitcoin, if more people enter the market, it will be able to generate more demand, and by decreasing the offer the price increase will be generated.

[Karmakid]

If the transactions involved with bitcoin is about receiving bitcoin rather than sending bitcoin out, then there is a possibility that bitcoin will go up in price because it reflects a good amount of fiat money coming in the market of bitcoin. As the demand for a certain product goes up, the supply goes down so it will make the price to go up and it will give its holders or investors a profit because of price appreciation.

[vintages]

Bitcoin transfer times are getting longer. I am not very happy with this situation. But bitcoin value is increasing. People's interest in bitcoin is growing. For payments instead of Bitcoin, XRP or Eth can be preferred.

I think the transaction delay may be what is pissing some people off, and that because they are not implementing the use of Lightning Network. Most people don't even know it exist yet they complain of slow transfer. This is why every cryptocurrency enthusiast should read deeper about Bitcoin before engaging in it.

[wxa7115]

https://bitinfocharts.com/comparison/bitcoin-transactions.html#6m

Transaction volume on-chain is actually going down slowly. Not sure what gave you the impression that it doubled, but that's simply not true.

https://bitinfocharts.com/comparison/ethereum-transactions.html#6m

Ethereum transactions saw a decline in the same period as well, which is indicative of how poor the sentiment is. People are more active when prices are going up then slowly exit when the price doesn't want to go up anymore.

Thanks 1Referree for the data, This is one of my questions also when I read the post, where is the reference data. Everyone should post something should back up with a relevant data. Not just a mere hearsay.

It is very easy for people to fall on this, whenever they read something in social media they just assume it is true even if that is very dangerous attitude, whenever someone tells you something extraordinary then you need to stop and question yourself if that is true.

In this case as it has been proven the number of transactions has not really doubled and as such it was impossible this had any effect on the price, people are always trying to look for pattern in the sea of information in which we are found ourselves every day but even if it was true I do not see how the number of transactions could affect the price of bitcoin.

[sisule]

Bitcoin transfer times are getting longer. I am not very happy with this situation. But bitcoin value is increasing. People's interest in bitcoin is growing. For payments instead of Bitcoin, XRP or Eth can be preferred.

I think the transaction delay may be what is pissing some people off, and that because they are not implementing the use of Lightning Network. Most people don't even know it exist yet they complain of slow transfer. This is why every cryptocurrency enthusiast should read deeper about Bitcoin before engaging in it.

Delay transaction when sending bitcoin depend with how much transaction volume during you sent your bitcoin to another wallet, when you send have little other transaction with bitcoin just take few minute for receiving bitcoin to destination address, but when you send bitcoin have other transaction waiting little long time.

[Twentyonepaylots]

I wouldn't expect to see an increase right away, but I believe its effect will be felt in the long run.
Increase of transactions simply means increase of users, and that is called "adoption", which everyone is expecting for bitcoin in the long run.

I would say we are at the right patch now, so please be patient.

Increase in transactions doesn't necessarily mean that there had been a mass adoption. Price increase shouldn't be expected just yet, we have to ensure first of all that most, if not all of the transaction carried out were people cashing in, not cashing out. And aside from that this increase in transaction could be caused by the upcoming halving, which if it's the case then we might need to expect a dump after a month or two following the halving.

[Triffin]

Bitcoin transfer times are getting longer. I am not very happy with this situation. But bitcoin value is increasing. People's interest in bitcoin is growing. For payments instead of Bitcoin, XRP or Eth can be preferred.

I think the transaction delay may be what is pissing some people off, and that because they are not implementing the use of Lightning Network. Most people don't even know it exist yet they complain of slow transfer. This is why every cryptocurrency enthusiast should read deeper about Bitcoin before engaging in it.

Delay transaction when sending bitcoin depend with how much transaction volume during you sent your bitcoin to another wallet, when you send have little other transaction with bitcoin just take few minute for receiving bitcoin to destination address, but when you send bitcoin have other transaction waiting little long time.

Yes increasing the number of bitcoin for each transaction is actually the number of bitcoin as if you will transact more bitcoin so it will take more time and for some it will take little time. Long ago people have paid high free and also waited long time for the transaction from one wallet to other even for 24 hours and now we are so much facilitated so better keep patience than complaining.

[Yatsan]

I wouldn't expect to see an increase right away, but I believe its effect will be felt in the long run.
Increase of transactions simply means increase of users, and that is called "adoption", which everyone is expecting for bitcoin in the long run.

I would say we are at the right patch now, so please be patient.

Increase in transactions doesn't necessarily mean that there had been a mass adoption. Price increase shouldn't be expected just yet, we have to ensure first of all that most, if not all of the transaction carried out were people cashing in, not cashing out. And aside from that this increase in transaction could be caused by the upcoming halving, which if it's the case then we might need to expect a dump after a month or two following the halving.

Nope, for me increasing the transaction means the cryptocurrency, especially the bitcoin, is getting a lot of new users, and that would apply the basic supply and demand law. If the demand goes higher and we all know that the bitcoin has a limited supply only, it can cause a pump or even a bull run. Bitcoin might get the new all-time high after the pump if the users are continuously increasing 100k USD will not be impossible achieving. Just let's wait after the halving on what is going to happen.