The 15-month long bear market isn’t affecting Bitcoin adoption and usage, new data shows, as on-chain transactions have hit their highest since early January 2018.
Bitcoin Usage Has Been Climbing for 15 Months
Bitcoin network usage continues to rise contrary to the drop in bitcoin price since its historic run-up to nearly $20,000.
The latest data from Blockchain shows the latest spike to nearly 400,000 confirmed on-chain transactions in a period of 24 hours. This is the highest network activity since BTC price was well above $10,000 USD in early January 2018.
It’s also worth noting that the proportion of Bitcoin payments made using Segregated Witness (SegWit) has also been gradually since its activation in summer 2017. These now comprise nearly half of all on-chain Bitcoin transactions, according to the latest data.
SegWit has proven to be a successful step in mitigating transaction fees on the Bitcoin network. Since peaking in December 2017, the cost of using Bitcoin has been at record lows despite the network…