Highest Record Bitcoin Transactions, What does this indicate?

[LDL]

According to Blockchair's records, the highest number of Bitcoin Transactions processed was recorded on Sunday, breaking a 14-year record in Bitcoin history. Yesterday's transaction volume exceeded the previous Bitcoin bull run in 2017. According to Blockchair data on Sunday, there were 568,300 Bitcoin transactions, which is 78,000 more than during Bullran in 2017.



Bitcoin transaction process peaked during bullrun of 2017 but the next two years in 2018-19 the Bitcoin market was completely dumping.  

Bitcoin Transaction Breaks Past Records in 1 May 2023 So What Does This Transaction Growth Indicate For The Future?

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[SamReomo]

According to Blockchair's records, the highest number of Bitcoin Transactions processed was recorded on Sunday

Bitcoin transaction process peaked during bullrun of 2017 but the next two years in 2018-19 the Bitcoin market was completely dumping.  

That's really an interesting thing to know about. It means that people and businesses are adopting Bitcoin and integrating it into their systems. The higher transaction means that the amount of people using this technology is growing at good rates.

Bitcoin Transaction Breaks Past Records in 1 May 2023 So What Does This Transaction Growth Indicate For The Future?

This transaction growth can bring positive results as it shows that the use case of Bitcoin is increasing and many businesses are implementing it into their systems. It can also be a cause of concern for the price of Bitcoin because it can go down if the selling pressure gets high. Although, it doesn't work that way but the possibility still arises.

[Darker45]

My opinion would have been entirely different had the majority of these transactions not Ordinals. But since 54% of this all-time record is made up of Ordinals, there's not much to say except perhaps that Ordinals have probably clicked and that miners are probably happy that there's a considerable increase in fees because of them. However, this is probably not something to be really excited about, and does not really represent growth in adoption, if one is of the belief that Bitcoin transactions should remain monetary.

[adaseb]

Yes the above poster is correct. This is called BRC20 with Ordinals. And I noticed this a while back when I couldn’t get a 10 sat per byte transaction to confirm anymore.

Seems to be getting more and more expensive to make Bitcoin transactions. Today you would need to use 50-60 sat to get a confirmation within the hour. Almost as much as an ETH transaction pretty much.

[Helena Yu]

It's not indicate anything, the transactions growth aren't mainly come from the real Bitcoin transactions, but it's because of NFT created in Bitcoin blockchain. Those are interested with the scammy NFT, not Bitcoin.

Here's a good statistic and graph by @DdmrDdmr about the ordinals transactions, there's sudden increase from 2 weeks ago.

You can also get a pretty good idea of how much Ordinals are bloating the blockchain here:

https://dune.com/ddmrddmr/ordinals-data

Anyway this thread with similar discussion has been created Bitcoin reaches record high # of daily transactions

[mk4]

It simply means that more people are using the Bitcoin network — regardless if it's for money transfers, or for Ordinals(but yea the uptick is because of Ordinals). I don't think we can really make price-related decisions/conclusions based off of this.

[ImThour]

I really want to know if they also integrate Bitcoin's Lightning Transactions in this. And if we include that also, what is the new total number of transactions per day?
That will be interesting as Lightning is also part of the Bitcoin Ecosystem.

Also as mk4 mentioned, the number of transactions may also be increased due to ordinals.

Ordinals is a term used for non-fungible token (NFT) native to Bitcoin.

[Kryptowerk]

According to Blockchair's records, the highest number of Bitcoin Transactions processed was recorded on Sunday, breaking a 14-year record in Bitcoin history. Yesterday's transaction volume exceeded the previous Bitcoin bull run in 2017. According to Blockchair data on Sunday, there were 568,300 Bitcoin transactions, which is 78,000 more than during Bullran in 2017.



Bitcoin transaction process peaked during bullrun of 2017 but the next two years in 2018-19 the Bitcoin market was completely dumping.  

Bitcoin Transaction Breaks Past Records in 1 May 2023 So What Does This Transaction Growth Indicate For The Future?

Independently from price / speculation / fomo/fud news, that's great news.
I haven't looked much into Ordinals recently - but isn't it too expensive to use the Bitcoin blockchain for this kind of stuff? Just curious if anything changed recently in that regard.

[retreat]

-snip-

Bitcoin Transaction Breaks Past Records in 1 May 2023 So What Does This Transaction Growth Indicate For The Future?

With the increase in Bitcoin transactions on the chart above, it doesn't indicate anything, instead it will make fees even higher which will make it difficult for people to transact Bitcoin, because then for one transaction it will impose higher fees for users. Honestly I'm not really interested in that chart because it will prevent people from making transactions, imagine now one transaction is charged at 50 sat/vB or the value of $ 1.97 with an estimated time of 24 hours (https://bitcoiner.live/) it's quite expensive .

[OcTradism]

It simply means that more people are using the Bitcoin network — regardless if it's for money transfers, or for Ordinals(but yea the uptick is because of Ordinals). I don't think we can really make price-related decisions/conclusions based off of this.

I believe that it is contributed by the increase of Segwit usage since 2017. Especially since 2021, the Segwit usage has been increasing a lot. Segwit usage chart shows that its adoption and actual usage has good growths after about one or two years.

It looks like Segwit usage is breaking its cap and will make a higher area soon.

If more people use Segwit for their transactions, Bitcoin blocks will possibly have more total transactions because of its advantage in transaction size.

[avikz]

I don't think it is right to conclude that a bull market is coming just because the number of transactions increased. It could very well notify a bear season as well. It could notify a huge sell volume and so on. So let's not conclude on this.

But it is really interesting to see the trend. If it continues for some time, be prepared for both options, bull and bear. As of now the market is in red.

[Jet Cash]

I thought we were trying to reduce the size oif transactions to speed up confirmations. Loading a load oif detritus onto the blockchain seems to be damaging to the future of Bitcoin. Can this rubbish be moved onto a sidechain.

[ItsCrafty]

According to Blockchair's records, the highest number of Bitcoin Transactions processed was recorded on Sunday, breaking a 14-year record in Bitcoin history. Yesterday's transaction volume exceeded the previous Bitcoin bull run in 2017. According to Blockchair data on Sunday, there were 568,300 Bitcoin transactions, which is 78,000 more than during Bullran in 2017.

This number os looking good and i just checked number of transaction and surprised to see that number if transaction increasing despite of price correction. Now daily transactions are 68221 which is ATH of Btc transaction ever from start.

Bitcoin Transaction Breaks Past Records in 1 May 2023 So What Does This Transaction Growth Indicate For The Future?

This growth in number of transaction is looking positive for the future of Btc because it is the sign of number of users increasing and adoption is now high and its growing in very good way. Now most of educated person entering into crypto and the first thing one learn will be Btc. This number of transaction will increase more if some big countries allow Btc deals like UAE

[Fivestar4everMVP]

This mean nothing, other than the fact that more and more people are discovering and adopting bitcoin, there are those who are also buying strategically in preparation for next year's halving event, as almost every bitcoin investor have come to believe that a bull run happens after every bitcoin halving, and 2024 halving won't be an exception.

Several analysts have predicted that bitcoin will reach a new all time high next year, and it's been predicted to be $100,000 and above, so this should tell us exactly why there is a lot of transactions happening in the bitcoin network at the moment.

[pooya87]

Yesterday's transaction volume exceeded the previous Bitcoin bull run in 2017.

It indicates that the spam attack this time is a lot bigger and much more successful compared to the spam attack in 2017 specially since unlike the 2017 attack which mainly took place using the legacy transactions (ie. 1MB block size max) they are now using the increased block space for their spam (ie. 4MB block weight limit).

[Iamsplitbrain]

This indicates that bitcoin has been under DDOS attack for several months now and many bitcoiners are not acting, if it continues bitcoin will gradually look like ethereum. The brc-20 standard has just arrived using ordinals! It's a wound for bitcoin. Fortunately Luke Dashjr has created a patch that allows (if you wish) to refuse ordinal transactions in the mempool of your node. We are literally not attending a new OP_return war.

[stompix]

This indicates that bitcoin has been under DDOS attack for several months

DDOS? lol

Fortunately Luke Dashjr has created a patch that allows (if you wish) to refuse ordinal transactions in the mempool of your node.

Has he done this after or before securing his coins and blaming the protocol for his losses?
Luke was one of the champions of censorship, he claimed almost was spam, of course not his own transactions, satoshi dice > spam, mixers > spam, batching transactions > spam, the thing that he opposes this much ordinals and he's already on with his censorship makes me think ordinals are not that bad after all.

Oh, and you can do whatever you want with your node, as long as the biggest mining pools accept them any community actions are useless.

This mean nothing, other than the fact that more and more people are discovering and adopting bitcoin, there are those who are also buying strategically in preparation for next year's halving event, as almost every bitcoin investor have come to believe that a bull run happens after every bitcoin halving, and 2024 halving won't be an exception.

No, it doesn't mean that at all.
If it were like this you would have normal transactions going up in numbers, besides it will be far more of a linear growth and not something like this:
https://bitinfocharts.com/comparison/bitcoin-transactions.html#3m
Besides, one user can do 1000 transactions and 10 users 10, the overall number is hardly an indicator of anything.

[Rupok]

The subject seemed different to me as well. I have never seen such a record transaction of Bitcoin before. Maybe this increase in transactions can bring positive results. Maybe people are increasing the use of Bitcoin day by day.The question now is whether Bitcoin is really headed for a bull run. Since Bitcoin transactions have broken the previous record, we can assume that the price of Bitcoin will go up a lot.If Bitcoin transactions continue to grow in this way, the price of Bitcoin can be expected to double.

[jrrsparkles]

According to Blockchair's records, the highest number of Bitcoin Transactions processed was recorded on Sunday, breaking a 14-year record in Bitcoin history. Yesterday's transaction volume exceeded the previous Bitcoin bull run in 2017. According to Blockchair data on Sunday, there were 568,300 Bitcoin transactions, which is 78,000 more than during Bullran in 2017.



Bitcoin transaction process peaked during bullrun of 2017 but the next two years in 2018-19 the Bitcoin market was completely dumping.  

Bitcoin Transaction Breaks Past Records in 1 May 2023 So What Does This Transaction Growth Indicate For The Future?

As of now there are 267K unconfirmed transaction in the mempool and still counting which is not really a great sign because this may create bad impression on Bitcoin for someone who just introduced to it and have to pay 80 to 100 sats/byte but I wonder what is the actual reason cause we didn't see this much of clogged network even in the previous ATH so there is shortage of miners or actually the number of incoming transaction increased all of a sudden?

[Yogee]

[....]
As of now there are 267K unconfirmed transaction in the mempool and still counting which is not really a great sign because this may create bad impression on Bitcoin for someone who just introduced to it and have to pay 80 to 100 sats/byte

I'm not a newbie but even I don't like what's happening. I've been telling people how transactions over Bitcoin is a lot cheaper compared to Ethereum before all these spam transactions blew up but I can't say the same now.

but I wonder what is the actual reason cause we didn't see this much of clogged network even in the previous ATH so there is shortage of miners or actually the number of incoming transaction increased all of a sudden?

If you bothered to read the previous replies then you would have seen that more than 50% of the transactions are attributed to Ordinals.
There are topics here that you can check if this is your first time learning about it.