The volume of Bitcoin transactions shows signs of a bull market as the quarterly trend reverses

The volume of Bitcoin transactions shows signs of a bull market as the quarterly trend reverses


On-chain transactions in the bitcoin network (BTC) reached new highs not seen since April 2017, citing the blockchain data provider TokenAnalyst. Continuing with a trend that had already started at the end of March, the volume of on-chain transactions peaked in April of 14 months. This indicates, it is similar to the figure of June 2018, when the price of bitcoin was USD 7,000


However, far from reflecting the increase in use in the real world, the main cause of the rise is still trade and speculative movements. "The on-chain value of Bitcoin and the US dollar follow price trends, indicating that the king of cryptocurrencies has not yet found a base outside of speculative trading almost two years into the hall of fame. of financial challenges, "the researchers warned. Quarterly volume data were more pessimistic, which has also declined steadily since 2017. The first quarter of 2019 was no exception, with a 35% drop in volume compared to the last segment of last year, which included the drop in the price of bitcoin from USD 6,500 to a minimum of USD 3,100.