Crypto spring? The number of BTC transactions increased to a maximum in 13 months

Positive news has been stretched thin during the “Crypto Winter,” but there are now genuine signs that the ice is beginning to thaw. With Bitcoin showing remarkable resiliency and price stability in a world that wants to write it off, there are many fundamentals to which believers in the world’s largest cryptocurrency like to pay attention. One of these metrics just went through the roof.

The SFOX Crypto Volatility Report: February 2019 was released today, and in this report, analysts try to gauge the health of crypto markets by looking at the following three metrics: price momentum, market sentiment, and the continued advancement of the sector. The report on Thursday ultimately concluded a bullish outlook in general for the cryptocurrency sector.

Now down to the good stuff. In the same report, there is some tremendous news. Transactions on the Bitcoin network surged to their highest level in more than a year.  “There were also more fundamental reasons to have a positive outlook on the market: transactions on the Bitcoin network were at the highest level since January 2018.”

Great stuff. Usage has and always will be the best bullish or bearish argument for any cryptocurrency. Inherent value and liquidity all rise from this point. I could leave it there and say “Winter Over,” but that would be immature and premature. What I will say is that the transaction rate bouncing back is ultimately tremendous. With media coverage so low in the mainstream, this is an indicator of how sticky interest is in Bitcoin despite Google searches collapsing from their highs.

If you are a trader, not an investor, it’s almost impossible to ignore stuff like this. The market will dictate to you the reality in the short term, and so trying to fight trends like this because you “don’t care” or “it’s irrelevant” is a dangerous game to play. Instead, it’s usually better to try and find reasons why the market might be right. In this case, it seems probable that big, smart money views the ETF as another step towards broader adoption which might increase crypto usage.

Crypto Spring Blooms? Bitcoin Transactions Hit Highest Level in 13 Months, CCN, Mar 08