Bitcoin’s [BTC] bullish signs continue to mount, further suggesting the coming of the next bull run. With the coin’s price moving up, the king coin’s confirmed transactions per day have reached its December 2017 levels.
A recent study by Longhash confirmed the rise in the number of Bitcoin’s transactions, despite the touted “crypto-winter.” The importance of this metric cannot be overstated, as it implies Bitcoin’s increasing adoption rate as well as growing interest in the decentralized currency industry, even when the price was tumbling.
Since the beginning of April, Bitcoin has seen multiple spurts over the 400,000 ceiling. The most prominent of these spurts, based on the Blockchain.com chart, were on April 2 and April 11 respectively. The last time the confirmed transactions per day was over this margin was in early January 2018, when the price was well over $15,000.
Longhash stated that there is a correlation between Bitcoin’s price and the confirmation of daily transactions. However, they cautioned customers, stating, “there isn’t always a direct relationship between what the price is doing and what how many daily transactions are processed.”
The peak of the daily confirmed transactions is still a long way off. However, the prospects of the market given this metric looks optimistic. The highest confirmed daily transactions recorded was just under 500,000 on 14 December 2017, prior to the price reaching its all-time high. In light of this, Longhash stated,
“If Bitcoin’s price continues to climb, we could see a new record for confirmed transactions sometime in the next several months.”
The metric reaching bull run levels, despite the price not reflecting the same, is still a positive sign for the cryptosphere. Erik Voorhees, CEO of Shapeshift, referred to a chart from Blockchain.com, calling it the “most important chart in crypto.”
Additionally, the king coin’s dominance in the market is also growing. Since its price rally on April 23, Bitcoin increased its share to 54.2 percent of the global coin market. In contrast, prior to the April 2 price boom, Bitcoin’s majority was giving way to altcoins, holding just above the halfway mark.
The recent price rally was perhaps, the most significant move up for the top coin, due to the realization of the Golden Cross. Following the breach of the $5,350 resistance level and the $5,500 psychological level, Bitcoin’s 50-day moving average surpassed its 200-day moving average, which, according to many, is the first inkling of the next bull run.
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