search
  • Coins 2,314
  • Markets 14,056
  • Market Cap 247,858,060,771
  • 24h CMC 2,730,859,198.71
  • 24h Vol 25,736,948,478
  • Dominance BTC 58.09 % | ETH 10.81 % | XRP 6.53 % | 
Bitcoin+On-chain+Transaction+Volume+hits+16+month+high

Bitcoin On-chain Transaction Volume hits 16 month high

 

Per a recent report by blockchain.com, daily Bitcoin on-chain transaction volume has risen to 452,646. The figure counts for the highest transaction volume since January 2018. Moreover, the activity recorded on the Bitcoin Network is also the second highest in history. 

The news comes in the wake of Bitcoin transactions dropping below 300,000 transactions per day for a few weeks in May. However, Bitcoin’s economic activity saw a surge since the start of the year. 

Experts further predict a bull rally for Bitcoin. Previously, the network hashrate saw remarkable gains. This indicates an increase in resources being spent on its blockchain. 

Data from Outputs.today mentions Bitcoin outputs reaching 1,011,024.  Bitcoin’s current output 30 percent higher than it was during the bull phase of late 2017.

The emergence of SegWit has led to larger block sizes to become more popular on the blockchain. With these improving technical fundamentals, Bitcoin seems to be recovering a significant portion of its 2018 losses. 

A few days back, CoinMarketFeed reported,  Recently, a revelation about Alexei Navalny, popularly believed to be Vladimir Putin’s main opponent, has brought to light that he has accumulated more than 591 BTC in donations in the period of 3 years. The value of this will approximately count for $3 Million at present BTC prices. 

The donations are now being contested as a Putin supporter has questioned the timings over which the donations were collected. Navalny’s investigative center, the Anti-Corruption Foundation (FBK) is an active member in the media journalism space and has till date exposed several government officials. The list also includes the Russian Prime Minister Dimitri Medvedev and Attorney general Yuri Chaika.

Furthermore, FBK’s chief of staff Leonid Volkov has denied any such claims. Moreover, he refutes that there is any link between these transactions and the investigations carried out. He went on to castigate the blogger has said that it was a poor story show with no facts to substantiate. 

With cryptocurrency adoption on an all-time high, many firms small and large are accepting Bitcoin payments. The most recent one to accept Bitcoin payments is American rapper Lil Pump’s merchandise store Unhappy. 

Shopper has two options, either to pay off the chain, this can be done using BTC Lightning Network. Else they can pay it on-chain via a standard Bitcoin wallet.