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.
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.