According to data provided by Coinmetrics, a provider of cryptoasset and market data, the Bitcoin network processed $673 Billion worth of adjusted on-chain transaction volume in 2019 (USD equivalent). The Coinmetrics data “adjusts for multiple outputs including multiple successive transfers of an amount done over a short time period. This controls for users moving their holdings as opposed to completing peer to peer transactions.” It was found that the month with the most on-chain transaction in 2019, was June, in which roughly $93 billion was settled on-chain.
At the same time, it is important to note that Bitcoin price movements in 2019 were less extreme compared to the volatility seen in 2017 and 2018. When taking this context into account, the 2019 figure looks impressive, as the consistency shown in on-chain transaction volumes indicates that interest in Bitcoin remains high while the network continues to expand. For some further perspective, 2019 Bitcoin on-chain transaction volume was 10 times greater than what mobile payment service Venmo achieved in 2018.
Fun Fact: Today marks 11 years since the Bitcoin Genesis block was mined. In other words, Happy Birthday Bitcoin!
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