Earlier this week, Bitcoin transactions rose to a 14 month high which was levels we haven’t seen since the peak of 2017’s cryptocurrency bull run:
This comes as financial rating firm Weiss said “the best time to invest could be very near,” citing the “remarkable growth in user transaction volume”.
In its yearly outlook for the cryptocurrency industry, Weiss full statement reads:
“Despite lower prices since early 2018, our ratings model gives us hard evidence that a critical segment of the cryptocurrency industry has enjoyed remarkable growth in user transaction volume, network capacity, and network security. Equally important is our finding that these improvements are often powered by an evolution in the underlying technology. Therefore, for those willing to take the risk, the best time to invest could be very near.”
The Bitcoin network recorded 383,186 transactions on Wednesday 27th March according to data from blockchain.com. It’s the highest number January 4th 2018, when Bitcoin prices were at around $17,000.
The Bitcoin transaction volume is a strong fundamental indicator of growth. “It suggests that bitcoin is being actively used beyond pure speculation. However, the surge in transactions hasn’t been reflected in the price of BTC, which remains stuck at the $4,000 level.”
The sustained rise in Bitcoin transaction volume is another sign that Bitcoin’s tough winter is coming to an end and that the perfect investment point could be around the corner.
Reports have previously surfaced that Bitcoin broke its longest string of monthly losses in February which is a clear sign of a bull run on the way.
The Chief Market Analyst at ThinkMarketsUK has suggested that Bitcoin could surge up past $100,000.
“[T]here is a high chance that the next bull run has a minimum potential of pushing the price 5 times higher. That is over $100K. I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise.”