Bitcoin sees a further increase in trade activity as US$30,000 approaches and mainstream interest arrives.
Bitcoin (BTC) recorded its highest transaction volume since early 2018, as data points to more and more investors entering the market.
Numbers of on-chain analysis resources from Digital Assets Data highlight December 2020 as the second highest volume of Bitcoin transactions.
BTC transaction volume points to a new high
With a total of US$252.37 billion in the remaining 24 hours of December, it may take the count even further, as it rivals December 2017.
Other indicators, such as the size of unprocessed transactions in the Bitcoin mempool and network transaction fees, also suggest increased overall activity.
As the Cointelegraph reported additionally, portfolios containing large and small balances also continue to increase to unprecedented levels.
Google Trends, in turn, has captured the highest levels of search interest in the term „Bitcoin“ worldwide since February 2018.
The reason, which is attracting the attention of conventional sources as well as experienced cryptomorph traders, is the price rise that remains unshakeable this week. So far, Bitcoin has been challenging $29,300 amid a stubborn refusal to consolidate the decline.
With $539 billion, the largest cryptomoeda yesterday surpassed the market capitalization of finance giant Berkshire Hathaway, whose CEO, Warren Buffett, compared Bitcoin to „rat poison squared“.
Ether continues to have better performances
Despite its returns of 290% in the year to date, however, Bitcoin still pale compared to the performance of the largest Altcoin Ether (ETH). As Digital Assets Data confirms, the ETH/USD has guaranteed gains of almost 500% since January 1st. Compared to the March lows, the performance is even stronger.
In a series of tweets on Wednesday, Bobby Ong, creator of the Coingecko price data website, gave his predictions for the cryptomorph market in 2021. Among the major tokens, Ether would see a return to higher transaction rates, but surpass his historical record from 2018.
„ETH will surpass its $1,500 ATH driven mainly by DeFi. Gas rates will soar again and highlight scalability problems,“ he wrote.
„Most of the year will be spent coordinating a second layer scalability solution. My bet is that ZK Rollup will gain strength by the end of the year. ”
For Bitcoin, Ong predicted a price trajectory for $100,000, along with the launch of a long-awaited exchange traded fund and the first central bank adding Bitcoin to its balance sheet.