Bitcoin On-Chain Adjusted Transaction Volume To Surpass 2018’s By 50%
2019 is turning out to be a good year for Bitcoin as the price and network hit new highs. We already saw the BTC price going from $5,000 to briefly touch $9,000. Currently, we are trading at $8,400 after going below $8,000.
An independent research boutique, Nautilus Research took to Twitter to share that the Bitcoin movement looks similar to that of November 2015. If we take a look at that month, on November 1st, Bitcoin was trading at $317 that in next four days surged to $486 only to drop down to $312 and then ended the month at $364.
Coming onto the on-chain transactions, we are making records here as well as Bitcoin proponent and Morgan Creek Digital Capital co-founder Anthony Pompliano took to Twitter to share that Bitcoin has processed $274 billion till date in 2019 in on-chain adjusted transaction volume. At this rate, it is predicted to surpass that of 2018’s by 50 percent.
Per Coin Metrics, due to the existence of privacy enhancements, mixers, spam, self-churn, and change in outputs, “raw estimates of transactional value are often misstated by a factor of 10 or more,” so they have isolated the meaningful economic transactions.
The Bitcoin network is growing strong and healthy as it registers new highs in terms of mining difficulty, hash rate, and transactions. Recently, we reported how Bitcoin is now settling more than $6 billion transactions each day. Though falling short of daily transaction volume processed by Visa at $30.3 billion and MasterCard at $16.2 billion, BTC surpasses American Express’ $3.2 billion and Square’s $0.2 billion volume.
Additionally, the top 10 exchanges with real volume cleared $2 billion of trades on May 26th while gold markets clear $1.2 billion of trades each day.
In early May, crypto analyst Will Woo had shared that in order to get the confirmation of the bull market, on-chain volume needs to be “mooning” here which he expected in the next four to eight weeks. This means, by next month end, we get that volume and the official bull run confirmation.