Bitcoin uptrend in its daily transaction value with an average transaction volume topping $3 billion per day, as per the data from crypto analytics site Coinmetrics.io as of July 16.
As per Coinmetrics, the data has been been adjusted to remove noise and certain artifacts. The data illustrates an impressive uptrend in the USD value for the volume of the coin’s transactions and transfers over the past 90 days. The average daily value was at $1.04 billion on April 17, with an approximate 210% increase in comparission with $3.22 billion.
The foremost cryptocurrency has a significantly higher spike in volume in comparission with Ether (ETH) that observed a 77% increase over the same time period, going from a daily average of $370 million to $657 million. XRP climed 61%, with the value of daily transactions climbing from $152.5 million in mid-April to $245.6 in mid-July.
Coinmetrics’ data shows that Bitcoin broke the $3 billion daily average mark on July 11, when the coin was circling the $11,500 price point. Despite some rough trading at $2,000 lower, having taken a steep 11.4% hit on 17 and over 24% on the week, average daily transaction value has continued to climb.
As per commentators, the coin’s short-term downtrend is triggered by an antagonistic response to the United States government to Facebook’s Libra coin that extends to the cryptocurrency space more broadly. Peter Brandt, a Veteran trader anticipates a correction in the total market cap as much as 80%, yet as per him the most of the damage will be shouldered by altcoins, not Bitcoin.
Bitcoin’s hash rate reportedly hit a new all-time high of 65.87 EH/s on July 7. Nevertheless, despite the week’s price fluctuations, this figure has continued to soar north, reaching almost 73 EH/s to press time.
Image Source – Pixabay.com
Cryptocurrency Market update