HomeTodays NewsBitcoin [BTC] fails to witness improved transaction rates despite surging by 32% over 30 days
Bitcoin [BTC] fails to witness improved transaction rates despite surging by 32% over 30 days
May 23, 2019
The crypto-ecosystem is often laced with unpredictability and risk, with the market indulging in wild price swings. Bitcoin, to the joy of small-term investors, has improved its valuation by almost 125 percent in 2019, at press time. It’s valuation peaked at 131 percent a few days previously.
According to blockchain.com, over the last 30 days, the virtual asset exhibited another bullish run which improved its valuation by approx 30 percent. The statistics recorded are impressive however, it was observed that the transactions per day on the Bitcoin network remained fairly constant over the same time period.
On 21st April, the transactions recorded per day was around 390,735 and the data charted on 21st May was little lower, with 381,582 transactions occurring on that day. Over the past 30 days, the average transactions per day consolidated between the range of 300,000 to 390,000, which signified that the rate of transaction did not increase with the price surge.
The increased number of transactions often indicates an improved rate of adoption, which is the primary objective of most digital assets. The fact that the number of transactions did not mirror the same growth rate as the valuation of the coin indicated that network activity might not be as prominent as the increased rate might have suggested.
Bitcoin [BTC] dominated the overall crypto market capitalization by more than 56.5%, at press time. The coin was priced at $7849.05. However, prices of Bitcoin failed to witness major changes over the past seven days, as the valuation only fell by 1.89%.
The transaction rates of Bitcoin [BTC] might not show a stark increase, but it still is significant as it was recently reported that holding Bitcoin was more profitable and beneficial than holding some fiat currencies like Peso.