Bitcoin is showing an upward trend in daily transaction values, with an average transaction volume of $3 billion per day as according to the data from cryptocurrency analytics site Coinmetrics.io, as of July 16.
According to Coinmetrics, data has been corrected to remove noise and some artifacts. This data shows an impressive increase in USD value for volume of coin transactions and transfers over 90 days. On April 17, the average daily value of USD was $1.04 billion, which is approximately 210% more than $3.22 billion.
The most popular cryptocurrency saw a significant increase in volume in comparison to Ether (ETH), which experienced a 77% rise over the same period. It went from a daily average transaction value of $370 million, to $657 million. XRP climed 61% with daily transactions increasing from $152.5 million in April to $245.6 by mid-July.
Coinmetrics data shows that Bitcoin crossed the $3 billion mark daily on July 11. The coin was trading at $11,500. Despite trading at $2,000 less, and taking a sharp 11.4% hit on 17 transactions, and more than 24% on the week’s, the average daily transaction value has continued its climb.
Commentators believe that the short-term downtrend in the coin is caused by a negative response from the United States government to Facebook’s Libra coin. This reaction extends to cryptocurrency more generally. Peter Brandt, a veteran trader , anticipates an increase in the total market capital by as high as 80%. However, altcoins will take the brunt of the damage, and not Bitcoin.
According to reports, Bitcoin’s hashrate reached a record high of 65.87EH/s on July 7. Despite the volatility in Bitcoin’s prices, this number has risen north to almost 73 EH/s as of press time.