Have Cryptocurrency Transactions Reached Their Peak for 2019?Scroll Down
Those in the digital currency industry who are looking for signs that the current rally in cryptocurrency prices is for real found another on June 28 when the number of Ethereum transactions passed the one million mark. This is the first time that this has happened in more than a year.
There were just slightly more than one million transactions confirmed on Ethereum's blockchain for this day, but this is still significant, as the last this happened was in May of last year. However, the daily transaction count on the Ethereum blockchain still has a long way to go before it returns to its all-time highs. This was reached in the early days of January 2018 when there were nearly 1,350,000 transactions confirmed.
In terms of the actual volume of Ether transacted, the current all-time monthly high was hit in December of last year when trading volume reached 115 million of Ether. This is if you do not count December of 2016 when a hard ford caused by the infamous DAO hack led to an artificially high trading volume.
It still remains to be seen if Ethereum trading volumes in June will come close to those from December of 2018.
Earlier this year, Diar — which is a digital currency analytics company — reported that the volume of Ethereum transactions in April specifically tied to decentralized apps (DApps) exceeded 775,000 worth of Ether, which is an all-time high. Diar also indicated that transaction volume on Bitcoin's blockchain reached a high in April that had not been seen in two years.
In related news, Peter Brandt, who is a well-known trader and author, said that while he forecasts that the market for Bitcoin will continue to grow, he was not so bullish on alternative digital currencies, such as Ethereum. In fact, he said that such currencies may be in the midst of a bubble similar to the so-called "Dot Com Bubble" that came and burst a few decades ago.