The total number of transactions on the Bitcoin and cryptocurrency network has reached 3.3 billion since BTC was launched in 2009 to the boom of the past few years.
In 2019, Bitcoin and leading cryptocurrency networks exploded in number of transactions
All cryptocurrencies have recorded exponential growth in adoption, reaching a total of 3.3 billion transactions. The total value transferred through those transactions is different, but it suggests strong activity in more feasible and generally applicable use cases. One Reddit theme compared some of the biggest blockchains in terms of annual growth. Several prominent blockchains, of which Bitcoin is a leading name and are also ahead of smaller blockchains.
EOS is one of the networks that debuted quite late but is witnessing a fairly large transaction. The majority of transactions are driven by decentralized applications (dApps), as well as simulation mining programs.
Other competitors over the past year are Bitcoin Cash (BCH) and Bitcoin SV (BSV). It is unclear how much of the growth is natural and how much has been achieved through spam trading, testing and concerted efforts to increase statistics. Even the number of Bitcoin transactions is somewhat inaccurate and may contain spam and coin mixed transactions. It is difficult to identify economic transactions from on-chain calculations and other use cases.
Transactions are partly correlated with price action
Trading health is important to show growth. In 2019, new cases have emerged for transactions, including decentralized finance (DeFi), and smart contracts becoming more active.
Meanwhile, a number of other major blockchains find the number of transactions stagnant. IOTA, for example, was unable to fulfill its promise to increase the number of transactions, as the network was shut down for two weeks. Token transactions can also show remarkable results, although these transactions are most likely related to airdrops, print simulations or other short-term mutations.
Older coins such as Litecoin (LTC) and Dash (DASH) have seen a sharp increase in activity over the past year, despite the bearish market. At the same time, networks like Tron (TRX) are still lagging behind EOS.
The number of transactions increasingly does not correlate directly with price action. However, on-chain activity has proven to be a favorable indicator for a handful of assets. In the case of Bitcoin and Litecoin, higher on-chain activity coincides with the time of more aggressive price actions. The Bitcoin Network currently brings between 300,000 and 400,000 transactions per day, worth up to US $ billion daily.
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According to Bitcoinist
Translated by ToiYeuBitcoin