March 2, 2020

The Boom at Cryptocurrency Market: The Number of Crypto Transactions Reached 3.1 Billion in 10 Years

Summary:

  • Which cryptocurrencies increased the number of transactions in 2019?
  • What about transactions with less active cryptocurrencies?

The total number of cryptocurrency transactions reached 3, 1 billion in the period from 2009 to 2019. 

Which cryptocurrencies increased the number of transactions in 2019?

In 2019, there was a surge in activity in the cryptocurrency market. All cryptocurrencies showed good indicators of implementations, use for financial transactions by both individuals and large enterprises. Since the launch of BTC in 2009 and until now, the number of transactions has reached a record high of 3.1 billion.

It is worth noting that among the most active cryptocurrencies, the most viable ones stand out. In particular, Reddit regularly evaluates and compiles a rating of the most profitable cryptocurrencies. Among them, several blockchains can be distinguished, which are the most resistant to changes in the cryptocurrency market.

Bitcoin continues to confidently take a leadership position and acts as a marker on the cryptocurrency market.

EOS at the beginning of its “path” had some difficulties and could not immediately take a position in the ranking of the best blockchains. But over time, the number of EOS transactions reached impressive numbers. Today, EOS’s market capitalization allows it to take pride of place among the top ten leaders in the cryptocurrency market.

Also, according to data in 2019, Bitcoin Cash (BCH) and Bitcoin SV (BSV) strengthened their positions. But there are “dark spots” in this story: the total number of transactions may not fully correspond to reality. There are suggestions that a significant increase in these cryptocurrencies was fabricated due to spam transactions, mixing coins and targeted actions to increase the statistics of their market capitalization. The complexity of this issue is that it is impossible to accurately determine the number of external transactions and internal calculations.  

What about transactions with less active cryptocurrencies?

For blockchains, it is important to maintain a healthy eco-environment for transactions. Users are interested in the convenience of conducting financial transactions, in the speed of sending payments. In particular, in 2019, a number of measures were taken that aimed at improving the transaction system. For example, so-called smart contracts have an increasing demand.

The situation with other blockchains is not so rosy. Among many cryptocurrencies, there is a decline in financial transactions. For example, IOTA has suspended activity and has not been working for the past two weeks. The token has periodic spikes in transaction growth, but to a large extent, they are associated with simulating blockchain activity.

The same trend is observed from the old-timers of the Litecoin (LTC), Dash (DASH), TRON (TRX) market. Periodically, the volume of transactions of cryptocurrency data increases, but then again decreases.

Analyzing this situation, it would be incorrect to assume that the growth of transactions was triggered by an increase in cryptocurrency prices. However, for some cryptocurrencies, 2019 was a “breakthrough” compared to the previous period. For example, this very clearly affected the market capitalization of Bitcoin. Every day, the number of Bitcoin transactions is 40,000, which is equal to 1 billion dollars. 

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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