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Home Cryptocurrency news

Bitcoin Transaction Values Soar To Highest Level Since Crypto Bubble

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin crypto transactions
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Yesterday, the total daily cumulative value of transactions being transmitted across the Bitcoin blockchain network reached an estimated $3.5 billion USD worth of BTC.

The level is the highest recorded in the last two years, and the highest level recorded since the 2017 Bitcoin bull run and crypto hype bubble. Could this be a sign of what’s to come?

Bitcoin Blockchain Continues To Grow, Returns to Levels From Crypto Bubble

Bitcoin is the first of its kind, ushering in both the technology of cryptocurrencies and the underlying distributed ledger protocol powering Bitcoin called blockchain.

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The blockchain is where all transactions ever made in Bitcoin are validated, and stored for all to see. It’s this network filled with individual Bitcoin wallets transacting all without the need for a third-party that in part that gives Bitcoin its inherent value.

Related Reading | HODL Strong: Over Half of The Bitcoin Supply Hasn’t Moved in Over a Year 

The strength of the Bitcoin blockchain, in theory, can be measured by the number of transactions and the value being transmitted across its network.

That total cumulative value has now achieved a new, two-year high, reaching an estimated $3.5 billion – valued in USD – worth of BTC transacted across the Bitcoin blockchain.

An estimated $3.5 billion changed hands on the #Bitcoin #blockchain yesterday. The highest level since the 2017 bull market. pic.twitter.com/LJo6awEfFz

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) February 4, 2020

This figure represents the largest number achieved over the last two years of a bear market, and even more Bitcoin transacted now than during the recent 2019 parabolic rally peak around late June 2019.

Although it’s not quite the number witnessed during the 2017 crypto hype bubble, it is indeed the largest daily total value worth of transactions since that late 2017 peak occurred.

The rising value in total cumulative Bitcoin transactions could be a sign that adoption is happening right under everyone’s noses, regardless of the price action driving cryptocurrency prices. The network is healthy as ever, growing all while bears and bulls battle for to put in the next low or high.

During peak crypto bull run at the tail end of 2017, total cumulative value transacted reached well over $5 billion USD, but at the time, SegWit, Lightning, and other second-layer technologies weren’t extensively rolled out at that point, resulting in clunky, slow transactions that could have ultimately contributed to the bubble popping.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun 

Those transactions are a lot faster today thanks to the fundamental growth of Bitcoin and the development community. Their efforts have caused the cryptocurrency’s network to thrive and grow, even during a downtrend and negative sentiment.

The ongoing growth also further validates that Bitcoin could be following more of a technology adoption curve, due to its unique attributes as a financial asset. And it could be signaling that interest is once again rising in crypto, and a new bull run could be just around the corner.

Tags: bitcoinblockchaincryptoMati Greenspan
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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