Continuing to a trend that had already ‘began‘ at the end of March, on-chain transactional volume hit a 14-month high in April. This, Diar adds, represents similar figures from 2018, when Bitcoin [BTC] was priced at around $7,000 USD.
Far from representing hiked real-world usage, however, the driving reason for the uptick remains trading as well as speculative moves.
Adding further, researchers added:
“On-chain price of both Bitcoin and USD still continue to follow price trends indicating the king of crypto-currencies has yet to seek out any footing outside of speculative trading almost around 2 years on from getting into the financial challenger hall of fame.”
However, more bearish was data showing quarterly volume, that also additionally declined steadily since 2017.
The Q1 of 2019 was no exception, with a 35% drop in transactional volume versus the ultimate segment of the last year, including bitcoin’s price drop from $6,500 USD to as low as around $3,100 USD. Diar added:
“2019 has kicked-off on a better note compared to previous years.”
The mood within long-run market analysts even so remains buoyant. When a report from digital assets fund Adamant Capital ‘revealed‘ that the cryptocurrency bear ecosystem was winding down, Fundstrat Global Advisors co-founder namely ‘Tom Lee’ continued the optimistic sentiment on ‘social media‘ yesterday.
His reason for optimism revolved around the lack of long-time market suppression within the wake of ‘legal issues‘ at renowned cryptocurrency exchange namely Bitfinex as well as stablecoin Tether [USDT].