Transactions usually doesn't mean as much because how much money is involved in that matters the most. Just recently it came out that there is close to 10 million bitcoins that haven't moved over a year, assuming that is a fact, do you really think that we are getting any increases soon?
For a whole year with less and less money moving we managed to hit from 3k to $14k to $7k and now at around $9k, you think that may change just because there are some more transactions? Believe me, there are much better indicators than transaction numbers plus there has been no "double" anytime soon neither so I think you should recheck your sources as well. In the end we are going for a bull run, it may not have anything to do with transactions, just a big hype around bitcoin and that's it.
Topic: Ok. Number of Bitcoin transaction increased double. Expect price increasing? - page 3. (Read 918 times)
January 18, 2020, 02:02:44 AM
January 17, 2020, 12:06:14 PM
So i heard that the number of Bitcoin transaction increased double recently.
which means i can expect price increasing near future right?
which means i can expect price increasing near future right?
That could mean two things.
Either Bitcoin is being sold or Bitcoin being bought. We don't know if it is the latter or not but let's hope that it is. It is true that the higher the demand, the price, and if a lot of Bitcoin is being sold, then let's expect a price pump. Another thing is that this is kind of expected for 2 years ago, I read a post about the blockchain. It can't hold the huge number of transactions so it should be developed. It is also said that the transaction will blow up in the future and I think that is what's happening by now.
January 17, 2020, 04:43:07 AM
Let's compare the price between May'19 and the late of 2017.
May 2019 = $9,005
The late of 2017 = nearly $20k
This proves that the number of transaction and the price is have no correlation.
But if you compare these two graphs:May 2019 = $9,005
The late of 2017 = nearly $20k
This proves that the number of transaction and the price is have no correlation.
https://www.blockchain.com/charts/n-transactions?timespan=all
https://www.blockchain.com/charts/market-price?timespan=all
The shape is somewhat similar. By mere guessing, I think it should have some degree of correlation. It might not be a perfect positive correlation though. Learn more about correlation here: https://www.investopedia.com/terms/p/positive-correlation.asp
Anyway, keep in mind that correlation is not causation; it only indicates that both variables move in the same direction.
Quote
Positive correlation is a relationship between two variables in which both variables move in tandem—that is, in the same direction. A positive correlation exists when one variable decreases as the other variable decreases, or one variable increases while the other increases.
https://www.investopedia.com/terms/p/positive-correlation.aspThat said, if the number of Bitcoin transactions goes up, it doesn't mean that the price will go up as well. Maybe in reverse, if Bitcoin price increase, the number of transactions will also increase.
January 16, 2020, 01:04:40 PM
Well it could mean that adoption is increasing which is good. It’s hard to know what it really means though but it is a positive thing for sure.
January 17, 2020, 04:17:22 AM
So i heard that the number of Bitcoin transaction increased double recently.
which means i can expect price increasing near future right?
Btw, i recently got airdrop token, which is exchange token, BPX?
Do you guys think that this kind of token may have a good value or nothing?
Hmmm, I have heard of several reasons that can lead to an increase in Bitcoin (BTC) price and an increase in the rate of transaction has never been one of them, maybe it can signify that there is increase in usage and adoption, but it doesn’t really mean there will be increase in the price. If you talk about reasons that can make the price to increase then you should be talking about the rate of supply and the demand; a constant demand and lower supply can cause a spark that will make the price to rise.which means i can expect price increasing near future right?
Btw, i recently got airdrop token, which is exchange token, BPX?
Do you guys think that this kind of token may have a good value or nothing?
The next thing that can affect the price is cost of production, miner’s rewards, exchanges , etc. So transaction is not part of it, I’m only looking forward to the next halving, that might lead to a bull run.
January 16, 2020, 02:01:28 PM
So i heard that the number of Bitcoin transaction increased double recently.
which means i can expect price increasing near future right?
Btw, i recently got airdrop token, which is exchange token, BPX?
Do you guys think that this kind of token may have a good value or nothing?
Where did you get the information from.? Or is it just a proxy post to advertise your BPX airdrop.?
The number of transactions have not increased and its still decreasing in the long run. But before there used to be allot of dummy transactions which eventually stopped, which is good for the network. We may see more transactions if there is widespread adoption of btc and crypto.
January 16, 2020, 01:56:51 PM
In this case, yes. The number of transaction that has been increased in the blockchain of bitcoin means that there is a lot of people that are now into bitcoin. In simple economics, the more the demand, the higher the price that we are going to see. The number of transactions is the reflection of the demand of bitcoin in the market so it is equal to a price spike in bitcoin.
The fact is number of transaction going down slowly compared to last year, it's around 330.500k now, last year(May 2019) around 450.400k and the peak in 2017 around 490.400k. As you can see the number of transaction between May'19 and the late of 2017 is almost the same.
Please reference here: https://bitcointalksearch.org/topic/m.53591479
Let's compare the price between May'19 and the late of 2017.
May 2019 = $9,005
The late of 2017 = nearly $20k
This proves that the number of transaction and the price is have no correlation.
January 16, 2020, 11:54:47 AM
So i heard that the number of Bitcoin transaction increased double recently.
which means i can expect price increasing near future right?
Btw, i recently got airdrop token, which is exchange token, BPX?
Do you guys think that this kind of token may have a good value or nothing?
January 16, 2020, 08:40:06 AM
So i heard that the number of Bitcoin transaction increased double recently.
which means i can expect price increasing near future right?
Btw, i recently got airdrop token, which is exchange token, BPX?
Do you guys think that this kind of token may have a good value or nothing?
January 16, 2020, 06:52:11 AM
So i heard that the number of Bitcoin transaction increased double recently.
which means i can expect price increasing near future right?
which means i can expect price increasing near future right?
That could mean two things.
Either Bitcoin is being sold or Bitcoin being bought. We don't know if it is the latter or not but let's hope that it is. It is true that the higher the demand, the price, and if a lot of Bitcoin is being sold, then let's expect a price pump. Another thing is that this is kind of expected for 2 years ago, I read a post about the blockchain. It can't hold the huge number of transactions so it should be developed. It is also said that the transaction will blow up in the future and I think that is what's happening by now.
January 16, 2020, 06:26:40 AM
In this case, yes. The number of transaction that has been increased in the blockchain of bitcoin means that there is a lot of people that are now into bitcoin. In simple economics, the more the demand, the higher the price that we are going to see. The number of transactions is the reflection of the demand of bitcoin in the market so it is equal to a price spike in bitcoin.
January 16, 2020, 03:59:10 AM
Actually, more transactions doesn't necessarily mean more inflow intp Bitcoin. Transactions could be buying, selling and even just mere transfer of funds. However, the transactions might have been more of buying. And, for whether, we should be expecting a increase in price, of course, it is always bound to happen. It's just a matter of time. whatever project has a good a product will surely move high up as the market goes up.
January 16, 2020, 03:52:19 AM
The increase in the number of transactions won't reflect directly in the increase in price of bitcoin. The increase in the transactions cause the market circulation to be high. This means it cause continued price fluctuation, and the inflow of investment by the time end up with the increase in the price of bitcoin. More the number of transactions more is the growth taking it to mainstream usage.
therefore, an increase in the number of transactions will certainly have an impact on more significant growth, although initially fluctuations are very strong but still with an increase in the transaction is a proof of greater demand and will continue to increase prices continuously and gradually
January 16, 2020, 03:07:23 AM
Likely these are people that don't have a large stockpile hoarded yet and trying to get more in before the halving. Or who knows, maybe whales are slowly driving up the price now to magnify the effect of any increased demand close to halving.
Whichever the reason, just stick to a plan and you wouldn't be disappointed.
May be? I agree with this man, considering the idea that halving is just there close enough that is why people are buying now to have some stock plus the market is close to support level, or may be it is from the tension between two countries (which I supposed, not really the cause). Either way there are more factors to be considered, but these are just imo could be possible factors. Whichever the reason, just stick to a plan and you wouldn't be disappointed.
January 16, 2020, 02:44:42 AM
So i heard that the number of Bitcoin transaction increased double recently.
which means i can expect price increasing near future right?
January 16, 2020, 02:16:55 AM
This was in fact, a good analogy and comparison to state that if the number of transaction of a cryptocurrency is increasing, so as the market price of it, though, in a short run it is possible that most transaction is mostly focused on selling, the price will fall down. Going back, for a long time, transaction rate means traffic, and traffic means more people is using the system leading to huge demand of it. No matter how much transaction in a long run will tend to sell, price of bitcoin will go up because of demand.
January 15, 2020, 09:05:00 PM
It is not like that, it does not mean that the bitcoin will increase if the transaction increased. The price of the bitcoin is always depends on the market supply and demand. The price is now currently growing because the demand to bitcoin is now high. Actually, there is a current breakout that happen where the buyers pushes the price and it surpasses in the resistance level.
January 15, 2020, 07:58:58 PM
The number of transactions is not the basis of an increase in the price of bitcoin. Yes it can cause a price increase but don't expect that much. Let's not forget that not all increasing transactions aren't from new people making transactions with Bitcoin. Multiple transactions can be done by a single person so don't expect much.
I think you have a point and what I see on that is that it will cause panic and investors could think demand is getting high and may want to buy, therefore price can appreciate more.
There's no certain panic yet although we can see that maybe the FOMO affects that situation that's why we can see a rise from the numbers, but let's hope that we can see more movement since if the transactions will continue to rise up maybe we can see a good things coming up and this is just a little sign that we are in good phase.
January 15, 2020, 07:20:34 PM
The number of transactions is not the basis of an increase in the price of bitcoin. Yes it can cause a price increase but don't expect that much. Let's not forget that not all increasing transactions aren't from new people making transactions with Bitcoin. Multiple transactions can be done by a single person so don't expect much.
I think you have a point and what I see on that is that it will cause panic and investors could think demand is getting high and may want to buy, therefore price can appreciate more.
January 15, 2020, 05:34:53 PM
Btw, i recently got airdrop token, which is exchange token, BPX?
Do you guys think that this kind of token may have a good value or nothing?
More like some kind of promotion from newbie.
However, with regard to transactions, I would not consider increasing their number as an obligatory factor indicating future growth.
In the past, this has already happened, and by no means always these seemingly positive events have been followed by growth.
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