On-chain transactions on the () network hit fresh highs not seen since 2017 in April, industry newsletter noted on April 30, quoting data provider TokenAnalyst.
Continuing a trend that had at the end of March, on-chain transaction volume hit a 14-month high in April. This, Diar notes, is similar to the figure from June 2018, when the price of circled $7,000.
Far from reflecting increased real-world usage, however, the driving cause of the uptick remains and speculative moves.
“On-chain value of both Bitcoins and US Dollar value continue to follow price trends indicating the king of has yet to find any footing outside of speculative almost two years on from entering the financial challenger hall of fame,” researchers warned.
More bearish was data showing quarterly volume, which has also declined steadily since 2017.
The first quarter of 2019 was no exception, with a 35% drop in volume versus the final segment of last year, which included ’s from $6,500 to a low of $3,100.
“2Q19 has kicked off on a higher note compared to previous years,” Diar added.
The mood among longtime market analysts nonetheless remains buoyant. After a report from digital assets fund Adamant Capital that the crypto bear market was winding down, Fundstrat Global Advisors co-founder continued the bullish sentiment on on Tuesday.
His reason for optimism revolved around the lack of long-term market suppression in the wake of at exchange and its sister company, tether ().
Published at Wed, 01 May 2019 10:13:44 +0000
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