- Bitcoin saw a strong upward trend in the number of daily transactions compared to the previous cycle.
- Active addresses and volume have fallen over the past month.
Bitcoin [BTC] recently reached the impressive milestone of 1 billion transactions. It’s a total all-time number of transactions stood at 1,000,803,494 at the time of writing.
The price was back above $62,000, but there was no strong short-term trend.
News of a 10-year-old dormant BTC wallet moving its assets sparked interest.
However, the past two months have been a big one shopping frenzy of BTC whales, which brings up the idea of a strong bull run. Network security was also strong.
Examine the number of transactions
The number of daily transactions has risen slowly over the past year, with a lull from January to March before rebounding from March to mid-April.
It saw a huge spike on April 23, reaching 921,000 transactions for the day.
Activity was much higher than four years ago. Moreover, the number of bull run trades from the past cycle has already been eclipsed by the past year’s activity.
This was a positive sign of increased adoption and use.
The hash rate also showed a strong increase. This indicated that miners will have to spend more energy on securing the network, which also makes it harder for outside entities to take control of the network.
This certainty is extremely reassuring for long-term investors and is the cornerstone of Bitcoin’s value.
Transaction volume showed a short-term decline
In February and March 2024, the price of BTC rose from $42.1,000 to $73,000. The seven-day moving average transaction volume also showed a steady increase.
The periodic dips explain the decline in activity during weekends.
Although the number of transactions was high, volume is down from the local peak in March. The daily active addresses have also slowly lost strength over the past five weeks.
Therefore, activity has been trending higher over the past year, but there has been a downturn over the past month.
Read Bitcoin’s [BTC] Price forecast 2024-25
Comparison with other networks shows that BTC pales in terms of daily number of transactions.
Ethereum [ETH] has average 1.1 million transactions per day over the past two months, reaching a high of 1.96 million on January 14.