As of late, the Bitcoin blockchain has been processing an unprecedented number transaction per block. This dynamic was revealed after the genesis blockchain broke its record for the most transactions per block in two weeks. Bitcoin’s highest mark was at the end of the cryptoeconomy’s last bull run, December 20th 2017, when it averaged 2,722 transactions per day.
Trade Bitcoin
Recent rumours of a new bull run in the cryptocurrency industry led to a new flurry on-chain activity that saw the former record of 2,734 transactions per block fall. The record was broken by Bitcoin at 2,745 transactions per block, a few days later.
Bitcoin just reached an all-time record for transactions/block. In the last 10 days, the record has been broken twice.
This latest milestone was notable because it occurred just one day before April 1st. The bitcoin price surged approximately $1,000 USD to reach a valuation of above $5,000. It also filled the Bitcoin mempool with more than 50,000 transactions, a 3000 percent increase over the previous week.
The acute usage boom has sparked an acute interest boom in the same. Because during the recent price run, the word “Bitcoin”, which is China’s version Google, started trending on Baidu. In contrast, West Google searches for “Bitcoin”, tripled between March 31st, and April 2nd.
Major Bitcoin Price Run
Some say it’s possible, others say “not even close.”
It is clear that bitcoin’s prospects are being discussed more than ever in recent months, with genesis cryptocurrency rising to $5,000 USD this week.
Peter Brandt, a classical chartist, is on the side that a major upward move may be in the cards. Thomas Lee, a pro-crypto Wall Street firm Fundstrat, highlighted Brandt’s suggestion that a “parabolic advancement” could be in the near future for bitcoin prices.
@PeterLBrandt has always been consistent in his views on crypto. His observation is another reason for us to believe that the April gain in crypto is credible
Brandt, via Twitter, will be the first one to tell you that trader should be flexible and open to losing. Brandt is not afraid to express his disappointment at things that didn’t happen. His “would not be surprise” phrase is far from calling an imminent Bitcoin price of $60,000.
Brandt’s prediction of a prolonged bear market in bitcoin at the height of 2017’s bull run is a good one.
The Bubble
The bubble is over. Bull market in $BTC over for some time. For analog look at Gold chart from 2011 on wards pic.twitter.com/AUSiGH0eCg
– Peter Brandt (@PeterLBrandt) December 22, 2017
He was correct in that call. Bitcoin then entered its longest bear market to date after a series of sharp selloffs during 2018.
Although past performance isn’t necessarily indicative of future results Brandt’s suggestion that BTC may be entering another parabolic advance akin to 2017 is one way that stakeholders in the space can frame and understand the recent surge in activity around bitcoin.
Lee’s firm Fundstrat made headlines when it published its positive 2019 crypto outlook a few days back. Lee and his peers argued that the cryptoeconomy might finally be beginning to recover from the bearish market cycles that dominated last year.
The firm stated that there were fewer reasons to doubt the recent recovery in Bitcoin prices-the best quarter since 2017.
Bitcoin Recovery
If a Bitcoin recovery is realized and a bull run occurs, then the Bitcoin blockchain could be breaking more usage milestones. All of this will depend on whether the Bitcoin price action and activity boom can last.
Whatever happens, it seems that there is a sense of change in cryptoeconomy’s air. It remains to be determined if this is a temporary change in sentiment or if bearish market conditions continue to persist.