Reports show that Bitcoin’s average transaction volume is topping $3 billion daily. Analysts published data from crypto analytics site Coinmetrics.io reveals as of July 16. The data that has been adjusted to eliminate noise and various artifacts reveals an impressive uptrend in the USD value for the volume of the token’s transfers and transactions over the past 90 days.
In the same period, Bitcoin’s uptrend in daily transaction value has been eclipsing that of the altcoins. Even with the current pullback, bitcoin’s dominance still stands at around 66.0%. On April 17, the average daily value was hovering at around $1.04 billion. On the other hand, the volume was $3.22 billion on July 16, representing an almost 210% increase.
The largest coin by market capitalization has experienced a significantly higher spike in volume compared to ETH that saw a 77% increase in the same period. The second-largest token saw its daily average volume rise from $370 million to $657 million.
XRP experienced a milder uptrend of around 61%. Its value of daily transactions rose from $152.5 million in mid-April to $245.6 in mid-July.
On July 11, Bitcoin smashed the $3 billion daily average level as Coinmetrics’ data shows. The coin was circling the $11,500 price point at that time. The average daily transaction value has continued to climb despite trading almost $2,000 lower as of today after taking a sharp plunge of 11.4% on the day and at least 24% on the week.
Today, analysts and commentators have argued that bitcoin’s short-term downtrend was caused by an antagonistic response from the US government to Facebook’s Libra coin. The distaste from the government has spread to the general cryptocurrency space. Peter Brandt anticipates that entire market cap could now correct by up to 80%. But, he thinks that most of the damage will go to the altcoins and not Bitcoin.
On July 7, Bitcoin’s hash rate hit a new all-time high of 65.87 EH/s. But, despite the week’s price fluctuations, the figure has continued with its uptrend reaching 73 EH/s to press time. For now, the entire crypto community awaits to see what regulations will be put on Facebook’s Libra. Whether the crypto market will rise or not, only time will determine that. For now, the daily traders are taking profits assisted by the volatility that has hit the space recently.