The latest results for the onchain data for the Bitcoin blockchain network looks to be quite interesting. The results show that the number of average daily transactions on the Bitcoin Core (BTC) blockchain is on a steady increase since mid-2018.
The daily transactions for Bitcoin are now at one-year high and recently surpassed 350,000 mark. The higher network usage shows that the usability of Bitcoin is certainly on the northward growth trajectory. Note that scalability solutions like Lightning Network are witnessing a growing number of transactions which happen offline, otherwise the actual number of onchain transactions would be much higher than currently seen.
During the bull run of 2017, the Bitcoin Core blockchain witnessed daily transactions over 490,000K, which dropped drastically during the 2018 bearish cycle. But a trend reversal from mid-2018 can be seen on the charts marking healthy and growing use of BTC tokens.
BTC Trading Volumes Still Remain Sluggish
Although the Bitcoin network usage is growing, the daily trading volumes remain largely sluggish. The sluggish trading volumes indicate that the Bitcoin bull run won’t happen anytime soon.
Moreover, the network-usage has no necessary co-relation with the price. It means that the blockchain network can see sustained transaction growth even if the price remains more or less stagnant. The below chart for BTC trading volumes shows that there no significant uptick in months.
We can see that since the beginning of 2019, an average of 50,000 BTC tokens were exchanged in a single day which shows a significant drop compared to the 2017 bull-run wherein several hundred thousand tokens were traded every day.
On the other hand, the transaction fees for Bitcoin has remained relatively low. Currently, the transaction fee stands at $0.25 for a BTC transaction. However, the transaction fee is likely to increase with the growing number of daily transactions.