Bitcoin is getting closer and closer to the $ 30,000 mark and interest in it is growing.
Bitcoin ( BTC ) has recorded the highest transaction volume since the beginning of 2018. Data suggests that more and more investors are entering the market.
Figures from the on-chain analysis resource Digital Assets Data show that the second largest Bitcoin transaction volume was reached in December 2020.
BTC transaction volume hits record
The volume stands at $ 252.37 billion and in the final hours of December that number could rise even further.
Bitcoin transaction volume 1-month chart. Source: Digital Assets Data
Other indicators, such as the number of unprocessed transactions in the Bitcoin mempool and network transaction fees , also point to increased activity overall.
As Cointelegraph reported , there are more and more wallets with large and small stocks.
Meanwhile, Google Trends has recorded the highest number of searches worldwide for the term „Bitcoin“ since February 2018.
According to mainstream sources and seasoned crypto traders, the reason for this is because of the bull market that has continued this week . As of press time, Bitcoin was up to $ 29,300.
At $ 539 billion , the largest cryptocurrency surpassed the market cap of financial giant Berkshire Hathaway yesterday. Its CEO Warren Buffett once described Bitcoin as a „rat poison squared“.
Ether: Still very strong development
Despite its 290 percent growth since the beginning of the year, Bitcoin is dwarfed in comparison to the development of the largest altcoin, Ether ( ETH ). As confirmed by Digital Assets Data, the ETH / USD pair has gained nearly 500 percent since January 1st. Compared to the lows in March, the trend is even stronger.
In a series of tweets on Wednesday, Bobby Ong, creator of the price data website Coingecko, made his predictions for the crypto market in 2021. Among the large tokens, Ether is expected to record higher transaction fees again, but surpass its existing all-time high from 2018.
„ETH will break the all-time high of $ 1,500, mainly driven by the DeFi space. Gas charges will skyrocket again, showing problems with scalability,“ he wrote .
„We will spend most of the year coordinating a second tier scalability solution. I believe ZK Rollup will gain traction towards the end of the year.“
For Bitcoin, Ong predicts a price trend in the direction of 100,000 US dollars. In addition, there should also be the introduction of an exchange-traded fund and the first central bank should include Bitcoin in its holdings.