Bitcoin Transactions Hit Historical Levels Despite The Virtual Currency’s Unstable Price

With Libra Hearings Depicting Bitcoin As The Hero, What Can We Expect Next?

For the past few weeks, Bitcoin’s price has been very volatile with the virtual asset trying to find a foothold at the $10,000 zone. It seems its high volatility of recent has done nothing to impact on its adjusted transaction volume which surged over $5 billion on July 30, 2019.

Bitcoin High Volatility in the Past Few Weeks

In the past month, Bitcoin has traded between the $9,000 and $13,000 price level. Its level of volatility in the past few weeks shows that there is a high probability for the virtual asset to either dump or spike all of a sudden. While the crypto space is quite uncertain at this point on which event will play out, transaction volumes have soared.

Longhash, for instance, revealed that Bitcoin’s economically useful transactions processed on July 29, 2019, is about $6.3 billion. The adjusted volume excludes Bitcoin transactions made by cryptocurrency exchanges to their cold or hot store wallet. However, it still includes external transactions that occur on these exchanges.

Bitcoin’s Transaction Volume the Highest Since January 2018

Reportedly, a closer look at Bitcoin’s transaction volume on July 29 shows that it is the highest since January 2018 which could mean a lot of things. In January 2018 when Bitcoin had a similar transaction volume, the cryptocurrency was priced around $14,100. Its $9,900 price as of press time is still a stone’s throw from January 2018 and as such, one may wonder if there is a possibility that it could surge to what it was over a year ago?

In the same vein, the recent leap in adjusted volume is over a 500 percent increment from that of April 1, 2019. On the said date, the adjusted volume for transactions sat at $1.07 billion. By July 19, 2019, it had surged to $3.3 billion and didn’t stop there given the remarkable record that has been set two days ago.


Leap In Bitcoin’s Transaction Volume Brings Fresh Speculation

These improvements in trades have brought fresh speculation that Bitcoin might resume its surge in price. On July 30, 2019, after opening at a price of $9,604, it spiked to $10,085. Similarly, Longhash reports that the virtual asset’s adjusted volume on the said date has also spiraled to $5 billion which is the highest in Bitcoin’s history.

That being the case, expectations are high that the cryptocurrency might take off in price this summer and even outperform its all-time high of $20,000. A good number of crypto enthusiasts while responding to Changpeng Zhao, Binance CEO’s tweet on July 20, 2019, opined Bitcoin will hit $20,000 again towards the end of 2019.