The Bitcoin network has been the busiest in the past 3 years, but what does that mean?
When Bitcoin prices plummeted four weeks ago, activity on the network plunged as investors began putting money into the "storehouse". This trend is reversing as the number of daily transactions once again increases and from these numbers we can see the money flow is moving
Glassnode recently posted a chart of the frequency of Bitcoin's network, showing that the number of transactions on the network has started to accelerate quickly since August last year, only slowly because of the Negative effects of prices last month. Now, when the market has started to stabilize, these numbers begin to take off again. The Bitcoin network's operating frequency in general has again increased again after a sharp decline in March
What we can draw from these charts is that the largest cryptocurrency market continues to be circulated. Changes in network activity may be relatively small, but they still represent certain fluctuations in Bitcoin. Undeniably these increases come from the fact that traders have started to become more active, which will certainly occur when prices rise. Many investors see market recovery as an opportunity to make a quick profit from the cryptocurrency market.
It is worth noting that the upcoming halving event is also providing a strong incentive for investors to bet on the growth potential of Bitcoin. In addition, fears of inflation and the global recession continue to be driving many people to put their assets in safe havens, including Bitcoin and some major cryptocurrencies.
While the volume of activity on the Bitcoin network is increasing from month to month, it is worth noting that the coin continues to function as it was designed, with low transaction fees, and confirmation time of relatively quickly. The Bitcoin network will begin to show signs of congestion with approximately 400,000 transactions per day, significantly more than the current figure. This happened once in 2017, resulting in a slower transaction speed and significantly higher fees.
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