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Bitcoin [BTC] fails to witness improved transaction rates despite surging by 32% over 30 days

Biraajmaan Tamuly

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Bitcoin [BTC] hikes 32% in the last 30 days but fails to witness improved transaction rates
Source: Pixabay

The crypto-ecosystem is often laced with unpredictability and risk, with the market indulging in wild price swings. Bitcoin, to the joy of small-term investors, has improved its valuation by almost 125 percent in 2019, at press time. It’s valuation peaked at 131 percent a few days previously.

According to blockchain.com, over the last 30 days, the virtual asset exhibited another bullish run which improved its valuation by approx 30 percent. The statistics recorded are impressive however, it was observed that the transactions per day on the Bitcoin network remained fairly constant over the same time period.

Source: Blockchain

On 21st April, the transactions recorded per day was around 390,735 and the data charted on 21st May was little lower, with 381,582 transactions occurring on that day. Over the past 30 days, the average transactions per day consolidated between the range of 300,000 to 390,000, which signified that the rate of transaction did not increase with the price surge.

The increased number of transactions often indicates an improved rate of adoption, which is the primary objective of most digital assets. The fact that the number of transactions did not mirror the same growth rate as the valuation of the coin indicated that network activity might not be as prominent as the increased rate might have suggested.

Bitcoin [BTC] dominated the overall crypto market capitalization by more than 56.5%, at press time. The coin was priced at $7849.05. However, prices of Bitcoin failed to witness major changes over the past seven days, as the valuation only fell by 1.89%.

The transaction rates of Bitcoin [BTC] might not show a stark increase, but it still is significant as it was recently reported that holding Bitcoin was more profitable and beneficial than holding some fiat currencies like Peso.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

Priya

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Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





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