The cryptocurrency market is often significantly volatile. The ecosystem is always one flash fall or price hike away from growth or bust. The bearish winter took its toll on Bitcoin [BTC], the world’s largest cryptocurrency, and the market witnessed a devastating fall during the price decline of early 2018.
However, the bulls returned to the market as BTC pumped significantly in April. The token recently touched a price valuation of $5000, which the token last crossed on 12 October, 2017.
Kevin Rooke tweeted out the differences between the present bull run and the one witnessed back in 2017.
It can be observed from the chart that the payments per day for the network did not drastically change over time as it was 426,771, 15 months back. It has since gained by 1,094 payments per day, with the total at 427,865.
However, a major fall in transaction fees was witnessed in the aforementioned time period. The transaction fee per BTC recorded on October 12th was 174$, which is almost 60% more than the current rate. The fee hovered around $62, at press time.
Another major difference was the substantial rise in hash rate. The hash rate back in October was only 7.6 million TH/s. Today, the hashes per second have risen to massive 45.2 million. This suggests that the number of miners in the Bitcoin network have increased, while there is still a profitable interest in mining Bitcoin.
Additionally, the introduction of the Lightning Network is another key difference between the time periods. The Lightning Network played its part in lowering the transaction fee for Bitcoin users on the network.
With the Bitcoin halving scheduled for May 2020, investors in the market are expected to increase from this point forward. The recent bullish wave will only solidify their interest.