The year 2019 has already been proven to be a promising year from Bitcoin and other cryptocurrencies as well since it determines the market conditions. However, more information is emerging that may serve as confirmation of this fact.
Longhash, the Singapore-based crypto information site reported that the number of confirmed Bitcoin transactions so far has reached the number during the 2017 bull run. Although it is not always the case, a rise in the number of confirmed transactions has been known to result in a price rise for cryptocurrencies according to Longhash.
The number of transactions for Bitcoin has severally surpassed 400,000 since the start of April, a number that has not been reached since the one that resulted in the 2017 bull run.
This is a good sign for Bitcoin and also an indication of a rising interest in Bitcoin which will most likely cause the price to rise. According to Longhash, Bitcoin may soon be reaching the all-time high record.
“While the current daily transaction level has yet to break the all-time record, which is just above 490,000 transactions, it’s not far off. If Bitcoin’s price continues to climb, we could see a new record for confirmed transactions sometime in the next several months.”
Many experts have repeatedly guaranteed a bull run for Bitcoin this year using many metrics including Fundstrat’s Bitcoin Misery index which Tom Lee says suggests a bull run for the asset within the year. Others are the market trends preceding the 2017 bull run which are being replicated in the year 2019.
Although there are a few skeptics out there, most important voices in the cryptocurrency space see a bright future for Bitcoin and the number of confirmed transactions is just another pointer to that fact.
As the days go by, we can expect Bitcoin to reach the all-time high number of confirmed transactions at 490,000 as interest in cryptocurrency continues to rise, and who knows where we will go from there? For now, the next interesting destination for Bitcoin is $6,000. When are we getting there?