Bitcoin has set a new transaction record for 2019. According to data reported by Coinmetrics, $6.3 billion were moved in 24 hours on Monday, July 29th.
This value was never reached during 2019: it is necessary to go back to January 2018 to find a higher value. For now, the absolute record for bitcoin transactions remains out of reach and amounts to 10.55 billion dollars moved in a single day, December 7th, 2017.
This metric, called bitcoin transaction adjusted volume, is fairly accurate because it does not consider the transactions executed by the exchanges when moving value between their hot and cold wallets. The metric only takes into account transactions executed between wallets, from wallets to exchanges or vice versa.
The comparison between the price of BTC and this metric is interesting, the graphs are very similar, a sign that there is a clear correlation.
Bitcoin: July characterised by ups and downs
The month of July was characterised by strong price fluctuations and great uncertainty. Will the value of BTC rise again to a new ATH or will there be a new correction in August?
No one seems to have a clear idea of where the price will go. To confirm the great uncertainty that reigns supreme it is necessary to mention that Sunday saw the lowest value in the last 2 months with only 1.11 billion dollars worth of bitcoin moved. The following day, the year’s record was reached at 6.3 billion. There had never been a jump of more than 5 billion in bitcoin history from one day to the next, until now.
It is also interesting to note the number of total transactions, which have been growing steadily since 2018 and are currently at the levels of December 2017.