Bitcoin Transactions Are Steadily Growing, at January 2018 Levels

Bitcoin transaction volume has climbed to levels not seen since January 2018, potentially indicating growing adoption of the Bitcoin network.

One of the more popular metrics used to gauge the 'real use' of a blockchain or dApp is the number of transactions taking place on the platform.

Recently, the Bitcoin network has returned to transaction levels not seen since January of 2018, with roughly 300,000 transactions, on average, taking place per day.

In January of 2018, transaction volumes ranged from a low of 190,000 to a high of 425,000; for 2019, January saw transactions range from a low of 235,000 to a high of 350,000-according to data collected from BitInfoCharts.

Present-day transactions facilitated using the Bitcoin network could be larger if second-layer solutions such as Lightning Network are factored in.

Another interesting development to note is how the pattern of transaction volume growth differs from January 2017-2018 and 2019.

Based on the above chart, 2017 transaction volume was relatively volatile, dipping as low as 130,000 transactions per day and peaking at over 490,000 transactions per day.

Over 2018 transaction volume has grown steadily with less volatility in that volume.

That said, there is not a clearly established link between the price of bitcoin and the number of transactions taking place on the platform.

Whether transaction volumes will translate to sustained price growth is largely unknown.