Bitcoin Transactions In 2019 Makes History, Already Surpasses The Never Seen Before LevelBitcoin Transactions in 2019 Makes History, Already Surpasses the Never Seen Before Level

  • Bitcoin adjusted tx volume jumps, records $5 billion in a day
  • Bitcoin on pace to do more transactions in 2019 than any other year in history

July has come to an end after seeing Bitcoin prices taking a drop to as low as $9,050 and changing the short term outlook to bearish.

Q3 has been expected to remain subdued as suggested by past data, with chances of breaking the all-time high either by the end of this year or in early 2020 before the reward having.

The price predictions for Bitcoin are as high as $1 million but for now, it’s hard to know the new top Bitcoin will set this time. But a metric that can be used to gauge the quantity and quality of activity of the Bitcoin network is transactions volume.

Bitcoin Adjusted Tx Volume Jumps, Recording $5 billion In a Day

If we take a look at the adjusted transaction volume data on Coinmetrics, on July 28, the Bitcoin network hits its lowest transaction volume in the past 2 months. About $1.1 billion worth of transactions were processed on the Bitcoin network.

But a day later, the Bitcoin network registered its highest transaction volume since 2018. That day, over $6.3 billion of useful transactions were processed.

Bitcoin adjusted transactions volume in USD, Source: Coin Metrics

The adjusted transaction is the distinction between adjusted transaction volume and raw transaction volume that removes non-productive internal transactions such as exchanges transferring money from their hot or cold wallet.

Though not a perfect representation of Bitcoin’s usage, this is considered a better metric to analyze the real levels of activity on the Bitcoin network

Interestingly, on July 29 the adjusted tx volume jumped above $5 billion in a single day. Price has already spikes but it’s to be known if Bitcoin prices will rise further in tandem with this increase in transaction volume.

Bitcoin On Pace To Do More Transactions In 2019 Than Any Other Year in History

Even more exciting is that bitcoin transactions per day in 2019 has already jumped the levels ever seen before in Bitcoin’s history.

Bitcoin fundamentals are seeing a surge just like the price in 2019. Whether it’s about transaction-related metrics or hash rate and mining difficulty, the network is growing.

Today also marked the day when 85 percent of the Bitcoin’s total supply has been now mined. This scarcity would only drive BTC price higher in the future.

Bitcoin (BTC) Live Price

1 BTC/USD =$9,645.4704 change ~ -0.28%

Coin Market Cap

$177.45 Billion

24 Hour Volume

$2.81 Billion

24 Hour VWAP

$9.66 K

24 Hour Change

$-27.0370

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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