Nic Carter, Willy Woo Spotlight CoinMetrics Data: 35% Of Bitcoin Transactions Are Via Crypto Exchanges


Cryptocurrency exchanges have taken a significant role when it comes to the transition of capital across blockchain networks. One Twitterati, Willy Woo, tweeted that 35% of all on-chain transactions involve cryptocurrency exchange. This means that one out of every three bitcoin transactions involves an exchange.

Woo hypothesizes that there are two reasons for such transaction patterns. First, Bitcoin is purely a speculation vehicle and continues to dominate simply in a trading capacity or the transactions represent the flow of capital into digital assets. Second, bitcoin is becoming a store of value.

Although it is more likely that the activity can be attributed to trading activity, its price stability indicates that it has also become a store of value. Recently, the cryptocurrency reached a low point in volatility.

In any event, the high trading volume on crypto exchanges may continue in the next few months. According to a recent report by Satis Group, an ICO advisory group, the global cryptocurrency trading volume will grow by 50 percent in 2019 and will continue to grow at 9 percent CAGR through 2028.

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