Bitcoin has been holding steady at a price above $5,000 USD for several weeks leading many investors to believe that there may be preparing for another bull market run. Looking behind the scenes at all the activity going on, there are many statistics which show that bitcoin is already trading at better levels than at the peak of 2017, when it was trading at close to $20,000.
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If you recall what many refer to as the “glory days of bitcoin”, when 1 BTC was trading at close to $20K and exchanges such as Coinbase were having a difficult time staying online to fulfill the demand, the end user experience for was pretty dismal.
As a matter of fact, leaving the price of bitcoin aside, anyone trying to use bitcoin had to deal with unending waiting as transactions took sometimes multiple hours to get a single confirmation, and paying sometimes $20, $30 or even more in transaction fees.
It truly was a very challenging time for people championing the mainstream use of bitcoin.
In fact, in many ways, the price drop which led to less use of the network, calmed the waters and transaction fees dropped back to low levels. That, plus the adoption of SegWit which effectively increased the number of transactions you could fit in a block, went a long way to bringing back control over the runaway train that the Bitcoin network had become.
If you are a regular bitcoin user, you will have noticed that again, sending bitcoin to other parties around the world, having them receive the payment takes only a few seconds, and getting your transaction confirmed takes only minutes. All this at a very low fee.
This is a far cry from the $20 per bitcoin transaction days we experienced in 2017.
Some of the ways that bitcoin is performing better during the 2017 peak include:
All these elements bode well for Bitcoin, and suggest that the network will be able to handle far more volume during the next bull run if it happens.
What are your thoughts on all these developments in the Bitcoin network? Do you feel that this time around, BTC will be able to climb back to $20K USD and sustain it? Could we go further? Let us know in the comments below!
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