Bitcoin (BTC) has recorded its highest transaction volume since early 2018, as data suggests that more and more investors are entering the market.
Figures from on-chain analytics resource Digital Assets Data show that December 2020 has already fueled Bitcoin’s second largest transaction volumes.
Record BTC transaction volume eyes
With a total of $ 252.37 billion, the remaining 24 hours of December could increase the number even further as it is on a par with December 2017.
Other indicators, such as the size of Bitcoin’s unprocessed transactions mempool and network transaction costs, also suggest increased activity in general.
As a Cointelegraph, too reported, wallets with both large and small balances also continue to rise to unprecedented levels.
Google trendsmeanwhile has acquired the highest search interest in “Bitcoin” worldwide since February 2018.
The reason, which is catching the attention of mainstream sources as well as seasoned crypto traders, lies in the price hike that continues unabated this week. At press time, Bitcoin challenged $ 29,300 amid a persistent refusal to consolidate lower.
The largest cryptocurrency on December 30th exceeded Berkshire Hathaway’s market cap at $ 539 billion, the financial giant whose CEO, Warren Buffett, famous compared Bitcoin to “rat poison squared”.
Ether continues to do better
Despite its 290% return since the beginning of the year, Bitcoin still pales in comparison to the performance of the largest altcoin Ether (ETH). As Digital Assets Data confirms, ETH / USD has posted gains of nearly 500% since January 1. Compared to the March lows, the performance is even stronger.
In a series of tweets on Wednesday, Bobby Ong, creator of price data site Coingecko, gave his predictions for the crypto market in 2021. Among the major tokens, Ether would see a return to higher transaction fees, but surpass its existing record sometime from 2018.
ETH will break past its $ 1,500 ATH driven primarily by DeFi. Gas fees will skyrocket again and reveal scalability issues, ”he wrote.
“Most of the year will be spent coordinating a Layer 2 scalability solution. My bet will be that ZK Rollup will gain traction by the end of the year. “
For Bitcoin, Approx predict a price trajectory towards $ 100,000, in addition to the launch of a highly anticipated exchange-traded fund (ETF) and the first central bank to add Bitcoin to its balance sheet.
