Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




Erik Voorhees Says This Is The Most Important Crypto Chart Community Should Watch
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5

#1
[Image: IMG_Tokyo_20190423_145937_processed.jpg]
Erik Voorhees – CEO of Shapeshift, big-time proponent of Bitcoin, and notable individual in the crypto space – recently shared a chart via Twitter that shows the number of confirmed Bitcoin (BTC) transactions per day.

According to Voorhees, the chart which is featured in his tweet below is “the most important chart in crypto.”

Quote:[Image: 9H1GCOvK_bigger.jpg]
Erik Voorhees

@ErikVoorhees





The most important chart in crypto  https://www.blockchain.com/charts/n-transactions?timespan=all … #bitcoin #blockchain #finance

1,055
7:03 AM - Apr 23, 2019
Twitter Ads info and privacy
[Image: iAv2R4nu?format=jpg&name=600x314]
Confirmed Transactions Per Day
The number of daily confirmed Bitcoin transactions.
blockchain.com

The chart featured in the tweet above is from blockchain.com and shows a visual representation of the number of daily confirmed Bitcoin transactions.

To Voorhees, this is the most important chart in crypto because it represents Bitcoin’s rate of adoption as well as the overall usage and interest in the cryptocurrency.

Bitcoin Usage on the Rise

[Image: 1189-600x246.jpg]
 
As seen in the “most important chart in crypto” above, the number of daily Bitcoin transactions has been on a healthy uptrend since around 2012.

Also, in alignment with Bitcoin’s price, the number of daily transactions reached an all-time high near the peak of the previous bull run, when Bitcoin reached $20,000. Since then, the number of Bitcoin transactions experienced a steep decline in 2018, due to the significant bear market.

However, towards the middle of 2018, the number of Bitcoin transactions began to healthily rise once again, and the price eventually followed after bottoming out in December 2018.

Therefore, this chart which Voorhees rates so highly not only shows Bitcoin’s adoption and usage but can be used as a precursor for price action.

Bitcoin’s Adoption Will Drive Its Price

It’s long been said that real-world adoption of Bitcoin and cryptocurrencies is what will drive their price far past previous all-time highs. This statement couldn’t be truer, as the transactional data represented in the above chart shows a direct correlation with price.

As previously reported by IIB, Coinbase CEO Brian Armstrong listed 3 key things crypto needs for mass adoption: reduced volatility, increased scalability, and better usability.

In addition to this, Voorhees points out in his Twitter thread about the aforementioned chart that transactions done via Bitcoin’s lightning network are not even included in the chart’s data. Therefore, Bitcoin’s scaling solution features more transactions than what’s represented in the chart.

All in all, once the Bitcoin lightning network and other scaling solutions catch on and are fully developed, Bitcoin will be used far more than it is now and its price should reflect this usage.



by Jeremy Wall
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  Bitcoin Expert Jeff Garzik Exposes Crypto’s ‘Economic Paradox’ crytocure 0 12 Yesterday, 02:55 PM
Last Post: crytocure
  The Ultimate Guide to a Potential 2019 Crypto ETF crytocure 1 36 23-05-2019, 07:00 PM
Last Post: Mockingbird
  Crypto Security and Privacy: Why VPNs Matter crytocure 0 29 22-05-2019, 03:11 PM
Last Post: crytocure
  As CryptoUniverse Announces Mining Centre, Why Could Siberia Become Such A Crypto Hub crytocure 0 27 22-05-2019, 12:14 PM
Last Post: crytocure
  Bitcoin Boom Scam: Be Careful of this New Crypto Trading Software crytocure 0 42 21-05-2019, 03:31 PM
Last Post: crytocure
  Bitcoin Will Die if These 4 Problems Remain Unsolved: Teen Crypto Millionaire crytocure 0 30 21-05-2019, 10:57 AM
Last Post: crytocure
  This Bitcoin Bull Market Proves the Crypto Bubble Never Burst crytocure 1 26 21-05-2019, 02:24 AM
Last Post: Milner
  Crypto Spring? Spot Volumes Up by 49% in April at Crypto-to-Crypto Exchanges crytocure 0 20 20-05-2019, 03:23 PM
Last Post: crytocure
  FACEBOOK COIN COULD DRIVE A ‘MASS-ADOPTION’ OF CRYPTO, STUDY CONCLUDES crytocure 0 25 17-05-2019, 09:41 AM
Last Post: crytocure
  Amazon-Backed Crypto On A Horizon? Tech Giant Files Suspicious Patent crytocure 0 25 17-05-2019, 09:33 AM
Last Post: crytocure



Users browsing this thread: 1 Guest(s)