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What new highs in daily Bitcoin transaction activity means for investors
Sep 04, 2018
Bitcoin’s 7-day moving average of daily transactions sits at 224,021 as of 09/02/18, the cryptocurrency's highest level for daily transactions since its price crashed in January 2018.
Transactions per day is an important metric in cryptos as it measures demand and is an indirect measure of the veocity of Bitcoin's market value.
Steady growth in transaction activity is an especially positive indicator in assessing a crypto’s price, as infrequent spikes in transaction activity could simply mean traders are profit-taking.
Since 6/29/18, Bitcoin’s daily transactions have increased 21.5% in a relatively consistent manner.
BTC’s price broke past the $7,000 barrier on Friday and is currently trading at US$7,380.44.
Growing transactions/day are a result of increased demand for BTC, positive investor sentiment, and a healthy mining supply. Steady growth in transactions/day may serve as an early indicator of a large BTC price breakout.
Source: Blockchain.com
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