Bitcoin Transaction Volume

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Bitcoin Transaction Volume

Bitcoin is the world’s largest cryptocurrency in terms of value and market size. According to CoinMarketCap, one of the leading crypto exchange platforms, Bitcoin’s current price is around $4,930,while its market cap is around $87 billion. This research looks at the average daily transaction volume of Bitcoin over the last three months.

Methodology

We managed to fully answer this question as most of the data required was readily available online. However, we did not get any report that quoted the transaction volume of Bitcoin over the last three months. Most reports quoted Bitcoin's trading volume of a daily basis in form of daily trading briefs and alerts. We however, managed to get one report that gave the coin's transaction volume for the month of March. Being the latest month, we have quoted the average daily transaction volume for March to represent the three months.

Additionally, we have included a few additional findings we gathered from our research, which give a rough view of Bitcoin's standing in the cryptocurrency market. We mainly searched in financial news websites, crypto exchange platforms, and various financial research websites. Below is a summary of our findings.

BITCOIN CURRENT AVERAGE DAILY TRANSACTION VOLUME

According to a report by Kevin Rooke, an autonomous cryptocurrency data researcher, $10 billion worth of Bitcoin exchanged hands in the month of March 2019. This is $6.25 billion higher than what was reported in November 2018, a trend that further shows Bitcoin's growing importance in the financial market. In addition to being a remarkable achievement in itself, a daily transaction volume in the billion is also notable because it is the first time in more than a year that the coin has achieved such high level of daily transaction.

The average number of daily transaction of Bitcoin in February was more than 350,000. This is the first time that the coin's daily transaction volume went above 350,000. The raise in transaction is also an indication of Bitcoin's increasing acceptability,adotption into mainstream financial systems and usage.

BITCOIN DAILY TRADING TOPS $11 BILLION

On March 15, 2019, Bitcoin's daily transaction volume was above the $11 billion mark. The first time such a level of transaction was reported Bitcoin's price was souring above $8,000. The coin is currently trading at just above $4,000 but still manages to cross the $11 billion mark. This shows that the coin has established an infrastructure that holds it stable regardless of its current market price.

Sources
Sources

Quotes
  • "Well, it seems the opposite is the case as Bitcoin had a daily transaction volume that surpassed $11 Billion On Friday, March 15, 2019. While a daily transaction volume in the billions of dollars is remarkable in itself, this achievement is also notable because it is the first time in almost a year that bitcoin has seen this level of daily transaction"
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  • "Similar to price, market cap change shows the same dynamics. However, at 2017 end, at $237 billion Bitcoin’s capitalization has been very close to Visa’s $258 billion and surpassed that of MasterCard and PayPal."
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  • "Even in January this year, the average BTC trading volume remained almost the same. But in February, the figures soared to around $7 billion, and now in March they have managed to earn over $10 billion, hence making an impressive rebound. All in all, the market is regaining gigantic momentum"
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  • "The sharp uptrend, underpinned by $10 billion in trade volume on the day, comes as the cryptocurrency ecosystem’s top assets have been relatively non-volatile in recent weeks, with BTC markets in particular having been sideways since December 2018."
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  • "Independent crypto data researcher Kevin Rooke brought the community’s attention to bitcoin volume via his Saturday tweet. The analyst revealed that traders, in March, changed hands for/to the cryptocurrency to the extent of approx $10 billion. In comparison, those numbers were as low as $6.25 billion in November 2018, the month in which bitcoin price plunged 35 percent owing to the Bitcoin Cash hard fork fiasco"
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  • "The average number of daily transactions on the Bitcoin Core blockchain has been rising steadily since mid-2018 and recently surpassed 350,000. Save for a wild day in late 2017, when BTC notched a record 490K transactions, and the opening weeks of 2018, which saw major spikes, Bitcoin is seeing more sustained usage than ever. With Lightning Network taking a small but growing number of transactions offchain, along with Liquid, Blockstream’s inter-exchange settlement layer, the actual number of onchain transactions would otherwise be higher still."