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British lawmakers have failed to find a majority for any proposal in votes on alternatives to the government’s rejected Brexit deal. Lawmakers rejected four options in votes in the House of Commons, the AP reports. The votes were an attempt to forge an alternative to the government’s rejected European Union…
Grieving family members of victims of the Ethiopian air disaster are being given sacks of earth to bury in place of the remains of their loved ones. Officials have begun delivering bags of earth to family members of the 157 victims of the crash instead of the remains of their…
Construction of Oceanwide Plaza, a $ 1-billion real estate development in downtown Los Angeles, remains stalled amid questions about whether the Beijing-based developer can find the funds to complete it.
Work on the mixed-use complex near Staples Center stopped late last month, bringing widespread…
There’s good news and bad news for traders monitoring onchain data for signs of a market revival. The number of daily transactions has been rising for months, suggesting that BTC is being used for more than merely speculative purposes. Daily trade volume remains sluggish, however, suggesting another bull cycle is still some way off.
Also read: Rio Carnival to Feature Bitcoin This Year
BTC Passes 350K Transactions per Day
The average number of daily transactions on the Bitcoin Core blockchain has been rising steadily since mid-2018 and recently surpassed 350,000. Save for a wild day in late 2017, when BTC notched a record 490K transactions, and the opening weeks of 2018, which saw major spikes, Bitcoin is seeing more sustained usage than ever. With Lightning Network taking a small but growing number of transactions offchain, along with Liquid, Blockstream’s inter-exchange settlement layer, the actual number of onchain transactions would otherwise be higher still.
Network usage does not necessarily correlate with price, and it is common for a blockchain to see sustained transaction growth while price remains stagnant. For all the usage that the BTC chain is witnessing, it remains trapped in $ 3,400-$ 3,700 territory. A look at trading volume shows that there has been no discernible uptick in months. 2019 has begun in muted fashion, with an average of 50,000 BTC being exchanged per day – a far cry from late 2017, when several hundred thousand bitcoins were being traded on a daily basis.
BTC Fees Remain Low for Now
BTC fees haven’t been a talking point for months because there hasn’t been much to talk about. A BTC transaction can currently be made for around $ 0.25. While almost 50x higher than the average BCH fee, it’s still low enough to keep the majority of network users content. BTC users shouldn’t count on fees remaining permanently low however. As 2017-18 data from Coinmetrics shows, average BTC transaction fees tend to lag behind average transaction count. In other words, it is possible that BTC’s rising number of daily transactions could lead to fees also rising in due course.
Regardless of which direction BTC’s fee market takes, continued usage of the protocol for its original purpose – sending electronic cash P2P – bodes well for future adoption and pricing. Combined with the ongoing development work being done behind the scenes, which makes it easier for users to send and receive bitcoin with confidence, means the next phase of growth may be driven by more sustainable fundamentals than speculative mania alone.
Do you think increased network usage has a correlation with market prices? Let us know in the comments section below.
Images courtesy of Shutterstock, Blockchain.com, Coinmetrics, and Bitcoinity.org
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The post BTC Transactions Hit 1-Year High But Volume Remains Sluggish appeared first on Bitcoin News.
After falling for four straight months, the manufacturing purchasing managers’ index rose a tick, beating economists’ expectations.
WSJ.com: What’s News Asia
The house of All That Remains guitarist Oli Herbert — located on the property where he was mysteriously found dead — might be on the foreclosure market soon. As we reported … the body of the heavy metal band’s co-founder was discovered in a pond…
Trade tensions and stock market volatility loom over the nation’s economy, but California’s job market powered forward in November with a robust expansion of payrolls and a record low unemployment rate.
Employers added 30,700 positions, according to the state Employment Development Department,…
Dog the Bounty Hunter’s wife, Beth Chapman, remains in the hospital following her throat cancer diagnosis … but the family has already hatched a plan on where they’ll head once she’s released. TMZ broke the story … doctors discovered…
After a bout of rain in Northern California this week, search crews reportedly continued their efforts Saturday to locate human remains after the deadly wildfire that ripped through the area.