Bitcoin’s [BTC] rally over the past week had made unprecedented news in the cryptocurrency industry, an area that was reeling from the constant bear pressure. The rise of the world’s largest cryptocurrency to break the $5,000 barrier was also followed by other cryptocurrencies on the charts spiking in terms of value too, with Ethereum [ETH], Litecoin [LTC] and EOS being stellar examples.
Bitcoin’s price hike was not the only event that was associated with the cryptocurrency, as reports show that Bitcoin broke an all-time high in terms of transactions per block. It was also found that the record was broken twice in the past 10 days, a positive boost for the coin that is far from its former glory. The figures showed that the initial record was created on December 20, 2017, a day after Bitcoin reached its all-time high, clocking 2,722 transactions per block.
That record was first broken this March 26, when the number of transactions on a block reached 2,734. Four days after the new record was established, it was broken again when the transactions on a single block peaked at 2,745. The figures mentioned above were daily averages meant to create a more consistent picture.
Kevin Rooke, a famous cryptocurrency researcher, replied to users’ comments on Bitcoin’s new numbers. EJ, a cryptocurrency enthusiast, asked:
“Not to diminish the significant amount of work that went into making this possible, but do we really think a 0.8% improvement over 15 months is substantial?”
To this, Rooke replied:
“These figures just refer to network usage, not necessarily max capacity (though Dec 2017 was probably pretty close to max capacity).”
Bitcoin’s abrupt price increase was also mentioned in the SFOX report, which claimed that the rally could drive volatility higher. The report also talked about the volatility of altcoins, which included Ethereum Classic [ETC], a cryptocurrency that has been away from the limelight for quite some time now. The report spoke about ETC’s volatility:
“This may be a function of increasing uncertainty about the future of this particular blockchain: on the one hand, ETCLabs’ renewed focus on Dapp development [especially Dapps focused on the Internet of Things] has some believing that ETC may be a currently undervalued platform for powering the next evolution of internet technologies.”
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