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Bitcoin (BTC) Network Transactions at Highest Level Since 2017 Bull Run

Dark Orange Bitcoin Sign Built as an Array of Transactions

A recent report from the cryptocurrency and blockchain performance analysis company Longhash reveals that confirmed transactions on the Bitcoin network are at their highest level since the December 2017 bull run that saw Bitcoin’s price reach almost $20,000.

Although Bitcoin’s actual value is currently far lower than it was back in mid-December 2017, network activity appears to be equally as busy.

Longhash is a China-based blockchain research firm that provides various media reports and data journalism as well as incubators to support cryptocurrency startups. The company has offices in Shanghai, Hong Kong, Japan, and Singapore and intends to open incubators across the U.S, Europe, and the Middle East.

It’s most recent findings regarding Bitcoin transactions reveal that the crypto asset has broken above 400,000 daily transactions a number of times this month. That is approximately equal to the average level Bitcoin was experiencing during the run-up to the December 2017 bull run. While there is no direct relationship between price and transaction count, Bitcoin usually experiences a price increase when daily transactions go up.

Following the crash in early 2018, Bitcoins price correlated somewhat with daily transaction count until July, but since then the two indicators have moved in opposite directions, with the price of BTC dropping while daily confirmed transactions steadily increased. The growth indicates an increasing interest in Bitcoin and is a very positive sign for adoption.

If the daily confirmed transaction rate continues to climb at its current velocity, it will soon break the all-time high of 490,000 transactions.

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