Bitcoin Network Transaction Volume is Up Over 200%, Processing Nearly $3 Billion Per Day
World’s most popular crypto Bitcoin is currently enjoying a stellar 2019, as renowned crypto analytics site Coinmetrics revealed on July 17 that Bitcoins average transaction volume is now topping $3Billion per day.
A Great Leap
The available data on the analytics website shows a lot about the confidence of investors in the cryptocurrency community. The data, which was adjusted to remove any form of noise and certain artifacts shows an impressive uptrend in the value of the USD for the volume of the coin’s transactions and transfers over the last 3 months.
The average daily value of bitcoin as at April 17 was $1.04 billion, as compared with the $3.22 billion it experienced on July 16, which is an astronomical 210% increase.
The success recorded in the last few months by bitcoin is not a standalone, as other altcoins have also experienced the gratifying success of their own. Ethereum (ETH) at the period under review also experience about 77% increase, from a daily average of $370 million to $657 million.
XRP is not left out of the success, as the coin also saw an uptrend, at 61%- with the value of daily transactions climbing from $152.5 million in mid-April to $245.6 in mid-July.
The feat currently enjoyed by bitcoin is unprecedented, as the crypto broke the $3billion daily average mark on July 11, the data on Coinmetrics indicates that when the coin was circling the $11,500 price point.
Although, Bitcoin is currently trading at $2000 lower- having taken an 11.4% hit on the day and over 24% on the week-average daily transaction value has continued to rise continuously.
Analysts have suggested that the dip in the price of Bitcoin is a direct reaction to the response of the United States government, towards the Libra project by Facebook, with the US President Donald Trump stating that if Cryptocurrency exchanges want to behave like a bank, they have to submit themselves to the same sort of regulations melted out to banks, or stay out of the financial institution entirely.
The latest move by Facebook to launch a cryptocurrency project is causing a bit of a problem in and around the crypto sector, banks, and financial institutions, government and regulatory agencies, online payment platforms and other stakeholders are pretty not comfortable with the monstrous potential of the Libra project.
Bitcoin Exchange Guide reported that Swift, an online cross-border payment platform with over 10 years of substantive experience in the sector is taking the fight directly to Libra and the other competitors.
The platform in his direct response to the One Currency to Rule Them All initiative by Facebook is not unfazed by the new project but rather look at the various pothole in the sector and tap into it to satisfy the gnashing needs of its diversified customer base.
The Payment platform also encourages banks to buckle up, flow with the trend or die where they stand, as competitors from both the fiat and crypto world are getting impatient with the old ways of doing things.
Bitcoin’s price is $55,759.20 BTC/USD exchange rate today. The real-time BTC market cap of $1.04 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $21.02 Billion and live coin value change of BTC 0.20 in the last 24 hours.