bitcoin Transaction Counts On The Up-And-Up
Although () has continued to struggle in recent weeks, posting harrowing losses day-in, day-out, there are some optimists that are adamant that investors shouldn’t be alarmed.
Case in point, Ramen Lee, a crypto designer, recently took to Twitter to note that the number of transactions per day has risen to the same levels seen in November 2017, when the digital asset boom was posting new all-time highs day-over-day.
Very interesting to see. ‘s TX per day are back on the same level again as in ’17 november.
Price might be “shit” but the activity is going upwards!— RamenLee 🍜 (@CryptoLeee)
As put by Ramen, the “price may be ‘s*it’, but the activity is going upwards.” This only underscores the ever-swelling fundamentals of the network.
Per previous reports from , data compiled by Jameson Lopp, the chief technology officer of Casa, accentuated that from a fundamental perspective, 2018 was ’s best year yet. Hashrate doubled, while a cumulative $410 billion in value was transacted on the “world’s most secure transactional settlement layer.” ’s scaling solutions also saw notable levels of . SegWit, a short-term, ‘bandaid-esque’ solution that squeezes more transactions into blocks, saw use swell from 10% to 40% over 2018. The Lightning Network, a long-term scaling solution that takes advantage of off-chain ledgers to facilitate effectively free, low cost, scalable, immutable, and private transactions, swelled to 500+ capacity.
The Other Side Of The Coin
Although the swelling transaction count is evidently a sign that should spark optimism, there are other indicators that accentuate that the crypto community should be concerned. , a leading trader with hopes of launching a crypto hedge fund, recently took to Twitter to touch on social metrics, and how they show that interest in the flagship just isn’t present.
Mahmudov, who is a long-term believer in the potency of this asset class, divulged that as per BitInfo, tweets regarding the flagship have reached 2014 levels, lower than any point in 2016.
, a partner at the -focused Placeholder Ventures and the co-author of “Cryptoassets,” noted that the mainstream “has almost entirely forgotten about again.” Gone are the days that “” was a popular word at the dinner table, as mainstream media outlets, the CNBC Fast Money segment, in particular, have slowed their coverage to a near-halt. Burniske touched on this, noting that via “conversations with people from home,” the crypto boom is still tangible in their minds, but the subsequent bust wasn’t observed.
But, while there seem to be few active industry participants quipping about on Twitter, some would argue that the has reached mainstream . Alistair Milne, the chief investment officer of the Digital Currency Fund, recently that millions, if not billions across the globe has heard the word “” in some context. And as such, when FOMO kicks in, for both institutions and retail investors alike, buying pressure is likely going to be stronger than ever.
Title Image Courtesy of Marco Verch Via Flickr
Published at Wed, 06 Feb 2019 02:06:13 +0000
