On average, the Bitcoin blockchain has been handling an unprecedented number of transactions per block as of late.
That dynamic came to light on the heels of the genesis blockchain breaking its record for the average number of transactions in a block not once but twice over the past two weeks.
Bitcoin’s previous high mark came near the peak of the cryptoeconomy’s last bull run — December 20th, 2017 — when its chained averaged 2,722 transactions per block on the day.
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As murmurings of another bull run have taken hold in the cryptocurrency ecosystem recently, a fresh flurry of on-chain activity saw that former record fall on March 26th, when Bitcoin averaged 2,734 transactions per block. Days later on March 31st, that newly-set record was also eclipsed as Bitcoin hit 2,745 transactions per block.
That latest milestone notably came just one day prior to April 1st, when the bitcoin price surged approximately $1,000 USD to hit a valuation above $5,000 — its highest to date in 2019 — and as the Bitcoin mempool filled with more than 50,000 transactions for a 3,000 percent increase on the week.
The acute usage boon has caused an acute interest boon in kind. That’s because amid the recent price run the word “Bitcoin” began trending on Baidu, China’s version of Google, whereas in the West Google searches for “Bitcoin” tripled between March 31st and April 2nd.
With all the Activity, Is a Major Bitcoin Price Run Near Accordingly?
Some say “it’s possible,” some say “not even close.”
What is clear is that the genesis cryptocurrency’s surge to $5,000 USD this week has more people debating bitcoin’s prospects — both in the cryptoverse and in the mainstream — than at any other point in recent months.
On the side of those saying a big upward move could be in the cards is classical chartist Peter Brandt. On April 5th, Thomas Lee of pro-crypto Wall Street firm Fundstrat highlighted Brandt’s new suggestion that another “parabolic advance” may be nigh for the bitcoin price.
Per his Twitter, Brandt will be the first to tell you that a trader must be flexible and willing to accept defeat. Accordingly, he’s no stranger to sentiments that didn’t come to fruition. And his “would not be surprised” phrasing is a far cry from calling an imminent bitcoin price of $60,000.
However, his hunch is at least worth mulling since Brandt correctly predicted a prolonged bitcoin bear market at the peak of the 2017 bull run.
He was right on target with that call, as bitcoin then proceeded to enter its longest bear cycle to date upon a series of sharp selloffs throughout 2018.
Past performance isn’t indicative of future results, but Brandt’s new suggestion that BTC could be entering another parabolic advance a la 2017 is certainly one way stakeholders in the space can try to frame and understand the recent surge of activity around bitcoin.
As for Lee, his firm Fundstrat also made headlines a few days ago when it published its optimistic 2019 crypto outlook. Therein, Lee and his peer analysts argued that the cryptoeconomy may be finally be starting to claw out of the bearish market cycle that came to dominance last year.
“Bottom line: We see fewer reasons to question the recent recovery [in] Bitcoin prices—the best quarter since 2017,” the firm declared.
If the actualization of a Bitcoin recovery really ends up being the case and another bull run arrives, then the Bitcoin blockchain may be breaking further usage milestones yet. That will all surely depend on whether BTC’s price action and activity boom can be sustained in the interim.
Whatever ends up happening, it seems there’s a definite sense of change in the cryptoeconomy’s air. Whether that’s simply a fickle change in sentiment and bearish market conditions end up persisting remains to be seen.