The overall adoption of cryptocurrencies has grown exponentially, with 3.1 billion transactions on the chain over the past decade

According to the Bitcoinist report on March 2, from the birth of Bitcoin in 2009 to the emergence of the crypto market in the past few years, the total number of transactions in the Bitcoin and cryptocurrency networks reached 3.1 billion.


Image source: pixabay

Bitcoin and mainstream cryptocurrency networks' transaction volume soars in 2019

The adoption rate of all cryptocurrencies has grown exponentially, and their total number of transactions has reached a staggering 3.1 billion. Although the total value of these transaction transfers varies, such a high level of activity implies a steady growth in use cases and overall adoption. A post on Reddit compared some of the largest blockchains' annual growth rates and found that some of them stand out. The leader of the crypto space, Bitcoin, has always led the on-chain transaction volume ahead of other smaller blockchains.

The EOS network initially developed slowly, but its transaction volume eventually reached a considerable level. Most of these activities are driven by distributed applications and simulated mining solutions.

Other Bitcoin competitors over the past year include BCH and BSV. It's unclear how much of this growth is normal and how much was achieved through junk trading, testing or machine trading. Even the Bitcoin transaction counts are somewhat inaccurate and may include junk transactions and mixed currency transactions. Too bad to think that it is difficult to screen out transactions with economic value from on-chain calculations and other use cases.

The number of transactions is partially related to the price trend

The health of transactions is an important indicator of the growth of the cryptocurrency network. New transaction cases, including decentralized finance (DeFi), have developed rapidly in 2019, and smart contracts have become increasingly active.

There are also some blockchain transactions that have stagnated, such as IOTA, which has not fulfilled its promise of high transaction counts, and the network was down for two weeks. Token transactions on Ethereum have also shown significant growth, although these transactions are likely to be related to airdrops, simulated mining, or other short-term activities.

In the past year, although the market is in a bear market, the trading volume of established cryptocurrencies such as Litecoin (LTC) and Dash has also increased.

The increase in the number of cryptocurrency transactions is not directly related to the rise in the price of these assets. However, at least for certain types of assets, on-chain activity is a favorable indicator. Take Bitcoin and Litecoin as examples. The more active the transactions on the chain, the more positive their price performance will be. There are currently 300,000 to 400,000 transactions per day on the Bitcoin network, with a daily transfer value of up to $ 1 billion.