In 2019, users transferred $673 billion on the Bitcoin network. This is 11% less than it was last year, according to Coinmetrics analytical service.
Adjusted value settled on Bitcoin reached $673 billion in 2019, which is down 11% from last year, roughly the same as in 2017 but still nearly 4 times as much as from 2009 to 2016 combined. pic.twitter.com/RIM2laLauk— Larry Cermak (@lawmaster) January 2, 2020
At the same time, this indicator is 4 times more than the total transaction value for 7 years: from 2009 to 2016, said Larry Cermak of The Block.
If not converted to the USD equivalent, users sent on-chain 92 million BTC over the past year.
Coinmetrics excluded from the calculations transfers between addresses belonging to the same user and other similar transactions that mix the same coins. The service also did not take into account movements in cold wallets.
The adjustment— nic carter (@nic__carter) January 2, 2020
- aims to remove all change (we feel that we capture a lot)
- removes self-sends and other "churning" behavior
- removes exchange hot-cold wallet cycling
It's not perfect, but it's better than taking raw volume
The volume of transactions in dollar terms on the Ethereum network for the year amounted to only 13% of the BTC indicators.
Some have asked to compare to other blockchains. ETH's value settled is only about 13% of BTC pic.twitter.com/1Et92j5zWR— Larry Cermak (@lawmaster) January 2, 2020
The volume of online transactions closely correlates with the price of the first crypto and trading volumes - the higher the first indicator, the higher the price and volumes.
Recall that during ten years, BTC has risen in price by 9,000,000%.