- Bitcoin recently achieved a significant milestone of 1 billion transactions, despite a decrease in volume compared to March’s peak.
- While the daily transaction count has seen a steady uptrend, active addresses and volume have declined over the past month.
- The movement of holdings from a 10-year-old dormant BTC wallet has sparked interest in the crypto community.
Bitcoin’s transaction count hits 1 billion, but volume sees a downturn. Despite the decrease in volume, the steady uptrend in daily transactions and the movement of a dormant BTC wallet could signal a potential bull run.
Bitcoin’s Transaction Count Surges
Bitcoin recently achieved the impressive milestone of 1 billion transactions. Its total all-time transaction count stood at 1,000,803,494 at press time. Despite the price being back above the $62k mark, it lacked a strong short-term trend. However, the past two months saw a large buying spree from BTC whales, which sets up the idea of a strong bull run. The network security was also firm.
Detailed Examination of the Transaction Count
The daily transaction count has slowly trended higher over the past year, seeing a lull from January to March before trending higher from March to mid-April. It saw a huge spike on the 23rd of April, reaching 921k transactions for the day. The activity was much higher than what it was four years ago. Also, the past cycle’s bull run transaction count was already overshadowed by the activity of the past year. This was a positive sign of increased adoption and usage.
Short-term Downturn in Transaction Volume
In February and March 2024, the price of BTC rallied from $42.1k to $73k. The 7-day moving average transaction volume also steadily trended higher. The periodic dips account for the drop in activity during the weekends. Even though the transaction count was high, the volume has fallen compared to the local peak in March. The daily active addresses have also slowly lost steam in the past five weeks. Therefore, the activity has trended higher over the past year, but in the past month, there has been a downturn.
Conclusion
Despite the short-term downturn in volume, Bitcoin’s transaction count hitting 1 billion is a significant milestone. This, coupled with the movement of a dormant BTC wallet and a steady uptrend in daily transactions, could signal a potential bull run. However, the decrease in active addresses and volume over the past month is a trend that needs to be closely monitored.
