In what can be termed as a double milestone move, Bitcoin has surpassed a major milestone of over 500 million transactions since its inception 11 years ago while at the same time reaching a high of over $9, 700.
The new new all-time high now means analysts are looking at $9, 500 to becoming support. Alongside increasing purchasing volume, Bitcoin completed the three white soldiers candlestick pattern, which is a bullish arrangement and a signal that short-term trend reversal is in order. The overt bullishness of this movement and its rejection at its range highs is thus expected to turn into another downtrend.
The overall cryptocurrency market cap now stands at $271.5 billion and Bitcoin’s dominance rate is 64.6%. Altcoins also mirrored Bitcoin’s price action with many producing double-digit gains.
New Transaction Milestone
According to blockchain analytics site Statoshi, there are now over half a billion transactions on the Bitcoin blockchain. The first-ever Bitcoin transaction took place on Jan. 12, 2009 when Bitcoin founder, Satoshi Nakamoto, sent $10 to a computer scientist named Hal Finney as a test, after which he himself began mining blocks.
After 11 years, Bitcoin is now hitting another major milestone of passing half a billion transactions.
With the recent hash-rate milestone and the coming reward halving in about 3 months time, Bitcoin is set to see major uptrends in the coming months and throughout 2020.