![Bitcoin [btc] daily transactions hits yearly high as price plunges in the bear market](https://ohiobitcoin.com/wp-content/uploads/2019/01/Screen-Shot-2019-01-10-at-7.26.08-PM.png "Bitcoin [btc] daily transactions hits yearly high as price plunges in the bear market")
January 11 started with all the cryptocurrencies in the market pained in red. This came across as a blow to several investors in the cryptocurrency market as most of the coins were showing a massive growth. Additionally, all the coins plummeted in the market within a matter of minutes. This includes a majority of the cryptocurrencies in the market, with some plunging by double digits.
Coins such as bitcoin $BTC [BTC], Ethereum [ETH], Litecoin [LTC], and XRP also witnessed a massive drop in their price due to the bear’s attack. Additionally, Ethereum lost its second position to XRP, days after regaining it.
According to CoinMarketCap, at press time, bitcoin $BTC was trading at $3816.69, with a market cap of $66.69 billion. The cryptocurrency has a trading volume of $6.33 billion and has plunged by over 5% in the past 24 hours.
However, as the value of the cryptocurrency has taken a sudden downward trend, the number of daily transactions of bitcoin $BTC has taken an upward trend. On January 9, 2019, the cryptocurrency recorded its highest confirmed transactions since the past one-year. Here, confirmed transactions refers to the number of transactions that have been confirmed on the bitcoin $BTC bitcoin.
bitcoin daily confirmed transaction | Source: Blockchain
Amoebanomaly, a Redditor, said:
“Looks promising! However, I doubt I am the only one who is reluctant to buy after the massive sudden drop from 6k”
To which, Robby16, said:
“Yeah tough one. You have technical analysis saying BTC might bottom at around 2000 – 2500 and you have fundamental analysis indicating that the ETF will most likely get denied because USA Government shutdown and bakkt most likely will be delayed for a while for the same reason. All the indicators are showing that the market is gonna keep dumping.”
He further said:
That being said, everyone thinks it’s going to dump so the opposite usually happens. 95% of traders miss the bottom. We could have hit the bottom already. Fuck this shit just rob the banks”
Cr0ft, another Redditor said:
“If they were near the peak, the transaction fees would be $50 again, and the wait time for transactions back to days. bitcoin $BTC still isn’t capable of handling any kind of real load. Lightning Network is a far-away pipe dream, assuming it can even be made to work. Spiking transaction count is scary in this case, not positive. We already know bitcoin $BTC can’t handle it.”
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Published at Fri, 11 Jan 2019 16:03:43 +0000
