- 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 is on pace to do more transactions in 2019 than any other year in history.
When in doubt, zoom out. pic.twitter.com/27eJrfPVt3
— Shakepay – Buy/Sell Bitcoin 🇨🇦 (@shakepay) July 31, 2019
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.