Bitcoin Transaction Values Soar To Highest Level Since Crypto Bubble

Tony "The Bull" Severino

5 years ago

2 mins read

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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.

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.

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 (@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.

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.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.