Bitcoin records a further increase in commercial activity as it approaches $30,000 and general interest increases.
Bitcoin (BTC) has recorded its highest trading volume since early 2018, as data points to more and more investors entering the market.
Figures from the chain analysis source Digital Assets Data highlight that in December 2020 the second highest transaction volumes of Bitcoin Pro have already taken place.
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BTC transaction volume records a record
With a total of $252.37 billion, the remaining 24 hours of December can take the count even further, as they rival December 2017.
Graph of Bitcoin transaction volume in a month.
Other indicators, such as the size of the unprocessed transactions in Bitcoin mempool and network transaction rates, also suggest an increase in overall activity.
As further reported by Cointelegraph, wallets containing both large and small balances also continue to increase to levels never before seen.
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For its part, Google Trends has captured the highest levels of search interest for the keyword „Bitcoin“ worldwide since February 2018.
Google’s search interest for the word „Bitcoin“.
The reason that is attracting the attention of the main sources, as well as experienced crypto traders, lies in the upward trend of prices that continues unabated this week. At press time, Bitcoin was challenging the $29,300 level amidst a persistent refusal to consolidate downwards.
On Dec. 30, the largest kryptonie surpassed Berkshire Hathaway’s market capitalization of $539 billion, the finance giant whose CEO, Warren Buffett, famously compared Bitcoin to „rat poison squared.
Ether continues to improve
However, despite its 290% performance so far this year, Bitcoin continues to pale in comparison to the performance of the higher Altcoin Ether (ETH). As confirmed by Digital Assets data, ETH/USD has sealed gains of nearly 500% since January 1st. Compared to the March lows, performance is even stronger.
Bitcoin vs. Ether performance chart so far this year.
In a series of Wednesday tweets, Bobby Ong, creator of the price data site Coingecko, gave his predictions for the crypto market in 2021. Among the main signals, Ether would record a return of the highest transaction rates, but would pass its current historical high from 2018.
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„ETH will surpass its $1,500 peak mainly driven by the DeFi sector. Gas rates will soar again and highlight scalability issues,“ he wrote.
„Most of the year will be spent coordinating a layer-2 scalability solution. My bet will be that ZK Rollup will gain traction by the end of the year.“
For Bitcoin, Ong predicted a price trajectory of about $100,000, along with the launch of a much-anticipated exchange-traded fund (ETF) and the first central bank adding Bitcoin to its balance sheet.