The whole crypto market is yet to kick off the much-anticipated bull run of 2019. All of the tokens in the market are still deep in the red. Moreover, Bitcoin is yet to recuperate from the crypto winter and still struggles to break above the $4,000 level. However, amidst all these uncertainties, the charts reveal that the number of BTC transactions is steadily rising again.
The largest digital currency broke below the fundamental psychological levels of $6,000 and $5,000 recently. The value of bitcoin is now consolidating below $4,000 and may be eyeing the $3,000 levels. The markets are still volatile with the transactions indicating that more investors and traders are regaining confidence in the cryptocurrency.
According to various analysts and experts, an increasing number of investors no longer believe in the use cases of the blockchain technology away from the world of bitcoin. The Distributed Ledger Technology is the primary deal that is likely to transform lives. Nonetheless, bitcoin appears to be the indicator of the progress of this industry.
Despite bitcoin’s quite limited use cases in the real world and although its technology is simpler than some other projects, it is expected to remain the market leader in 2019. The cryptocurrency has the reputation and liquidity that makes it significantly preferable over the other altcoins.
Bitcoin Transactions is Steadily Rising Again
The number of transactions has increased to over 300k daily for most of 2019 so far. Today, January 19, 2019, bitcoins 305k transactions bring us to previous data from January 16, 2018, when the transactions hit over 300k also. However, a year ago the daily transaction levels were receding from the highs of 490k recorded on December 14, 2017.
Potential Reasons for the Increasing Transactions
The numbers have since increased steadily with the 135k transactions of April 01, 2018 being seen as a distant memory. There have been notable activities in the markets throughout the entire period with a recent example being a bitcoin whale moving over $250 million worth of BTC last December. The funds were moved from a considerably old Bitcoin address through an adopted route to avoid shaking the prices of the token.
Although BTC is still hovering in the lows, investors and traders are patiently waiting for the anticipated sharp recovery of the crypto market. However, nobody knows when or how this recovery will happen. Thus, most of the transactions may be from the day traders seeking to make a profit from the volatility or the ones who believe we are experiencing the bottoms so they take the a chance to onboard the positions.
But, the steadily increasing transactions show that more and more investors and traders are gaining trust in bitcoin. The increasingly positive voices coming out in favour of bitcoin may soon push the prices higher which is attracting more investors to buy the crypto before the prices rise higher.