BITCOIN OR NOISE?
As the price of BTC seems to be headed to an accelerated bull-run Since early April this year, don’t count your chickens before they hatch. Anyone present during 2017’s record heights of $20,000 USD (yup if you’re a noob, you better catch up!) can remember BTC soaring.
Just like now, as it seems that BTC might climb up an extra 20% than what was reported last week, media has started to speculate on what may happen if you choose to invest in it right now. Mostly, they make an effort of spreading distrust among possible new buyers and the ever careful process one.
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You’d think that recent event’s like Bitcoin’s 10th birthday, the arrival of crypto projects from the likes of JP Morgan and Facebook – would have encouraged media to get smarter. This week’s news shows attitudes at major publishers haven’t changed much. They still insist on pointing to the bitcoin price (because it’s trending) to evoke fear and/or greed and say “Look!” works. And that’s why the press keeps doing it.
Far from examining developments (or asking serious questions), much of the mainstream media’s coverage devolved into outright theory and speculation. Communication channels are trying to explain how BTC is suddenly rising again. There’s a fan favorite theory where they assure everyone that a mystery transaction, someone who bought at lot of it, might have triggered interest among potential and actual members of the BTC community.
Even search engines feel the love. Firefox, Google and Safari have seen the word “bitcoin” searched as much as it was back in November during the bitcoin cash civil war. So bitcoin’n exposure of the overall media creates tan effect called “fear of missing out” bitcoin and other digital tokens, provoking a rise in the prices of some of them too.
So while the truth is that BTC is volatile yet not that risky and investment, at this very moment transactions per day hit a 16-month high and price keeps climbing.
Data from Blockchain.com shows that the average blocksize is also moving in an upward direction, just like its hashrate. The 440,000 daily on-chain confirmed transactions figure was seen earlier this month, and surpassed the number of daily confirmed transactions seen in January of last year.
The increase in economic activity on the Bitcoin blockchain has notably been accompanied by the growth of its second-layer scaling solution, the Lightning Network. According to 1ML data, the network already has a capacity of over 1,060 BTC ($6 million). Currently, it has 8,200 nodes, and 38,290 open channels. The Lightning Network has over time been gaining new use cases. These already include playing chess, buying from vending machines, buying art, paying for taxi rides, and more.
The 16-month high in confirmed transactions comes at a time in which many are showing interest in the cryptocurrency space, and in which the price of BTC itself has been rising as a result. According to CryptoCompare data, bitcoin is currently trading at $5,800 after rising 16.5% in the last 30 days.
So in the end, as you see, media might not be totally wrong when they imply that these all-time highs since December 2017 are a product of interest rising. Which would mean that the suspicious increase in “mass” transactions is a true detonator.
Take whatever media says with a grain of salt. Do make your own research and follow your gut. That’s all it takes.
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