Use of Bitcoin (BTC) network is approaching all-time high

Use of Bitcoin (BTC) network is approaching all-time high

Use of Bitcoin (BTC) network is approaching all-time high

Data from Bitcoin Visuals shows that transaction inputs and outputs have risen sharply in recent months. This while the bitcoin price is still around 40% below its all-time high (ATH) .

The data shows that there were approximately 858,000 transaction inputs on 1 July. The ATH for these transaction inputs was established in January 2018. Then there were around 885,000 inputs in a day. The number of transaction inputs that took place on the Bitcoin blockchain on July 1 is therefore very close to this ATH.

In addition to the inputs, the transaction outputs also come very close to the ATH. This ATH was established towards the end of 2017. Then there were around 1.2 million transaction outputs on the blockchain . On July 5, that was already 1.05 million transaction outputs after a slow uptrend .

A bitcoin transaction can have multiple inputs and outputs. This way, someone can send bitcoins to more than 100 addresses through a single transaction. While with ethereum (ETH) , for example, this counts as 100 transactions, within the Bitcoin network this only counts as a single transaction.

By not only looking at transactions but also at transaction outputs, you can get a better picture of how intensively the network is actually used. If we count the outputs as transactions, we see that the Bitcoin network is the most used network. Ethereum is behind Bitcoin, with around 740,000 transactions per day.

About Viktor Sokolov 164 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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