In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched January 2018 level. Here, it is noteworthy that in January 2018 Bitcoin was trading at $20,000. Investors all around the world were rushing to invest in Bitcoin to increase their wealth. But, the coin is trading around $3400 nowadays.
The increase in number of transactions per day seems quite surprising. This is because the value of the coin is gradually decreasing. All the investors are selling their stocks to save their wealth. Still, there are many who are blindly supporting the token. They are saying that Bitcoin will touch $20000 value in 2019.
Earlier, we have heard the experts that this long bear market in Crypto world is due to the limited reach of cryptocurrencies. They are stressing on the extension of this ecosystem and acceptability of cryptocurrencies as mode of payment. There is no denying the fact that cryptocurrencies have revolutionized the cross border trade. This is because global transactions complete in just a few seconds under the blockchain network of various cryptocurrencies.
Ripple (XRP) has excelled all other digital assets because cross border transaction under Ripple’s blockchain platform completes in 3 seconds. This is why more than hundred banks and financial institutions are adopting its blockchain network.
Transactionfee.info data reveals that daily Bitcoin transaction volume has once again reached the limit it had touched in January 2018. Now this high transaction volume in spite of bear market shows that the ecosystem is extending. In simple words, the adoption of cryptocurrencies is increasing with every passing day.
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Jameson Lopp has analyzed the fundamentals of Bitcoin’s performance and concluded that the system is improving. Lopp is chief technology officer at Bitcoin personal security firm Casa. He has studied various sources and has used statistical measurements to reach the decision. Lopp has measured the growth of the ecosystem, especially Bitcoin for the year 2018.
Jameson says that Bitcoin Core has brought many improvements in block propagation in the past couple of years. As a result of these improvements the nodes are upgrading. Also, these upgraded nodes are showing more effects than old nodes. The developers have integrated the highly performing relay network to improve the system further.
Lopp says that lower transaction demand, improvement in fee estimation algorithms, and adoption of SegWit (segregated witness) have revolutionized the system. Also, the batching of transactions has complemented in the efficient use of block space. Here, it is important to mention that SegWit has reduced the transaction time and fee.
This is why the number of transactions spending SegWit increased from 10 percent to 40 percent in 2018. This means that investors and users all around the world had started to adopt SegWit. Consequently, the average BTC transaction size reached 750 bytes in February. Here, it is also important to mention that the average BTC transaction size decreased to 450 bytes in the fourth and the last quarter of 2018.
Similarly, a decrease of 32% in the value of BTC token resulted in 50% reduction of market dominance of the coin. Lopp has analyzed that the number of reachable nodes is less as compared to exchange rate. He seems suspicious that Bitcoin users are highly dedicated to its use for economic purpose. The volatility of exchange rate is discouraging them to turn off their nodes.
Bitcoin evangelist Anthony Pompliano had also revealed in November 2018 that Bitcoin’s cost per transaction and number of transactions had increased. He thought that increase in Bitcoin wallets and amount of daily transactions were the reasons behind this growth in network. So, we can say that this increase in daily transactions can increase the value of token in future.
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