The cryptocurrency market, at the moment, has broken milestones in 2019 after a significant bull run improved overall prices as well as the total market cap of all crypto-assets. Bitcoin [BTC], the world’s largest cryptocurrency has seen a remarkable resurgence over the past few weeks as it shot up by more than 100 percent in terms of price. The coin’s price hikes did not skip the line of sight of a majority of Bitcoin’s famous supporters with Anthony Pompliano tweeting:
“Bitcoin has done $274 billion year-to-date in on-chain adjusted transaction volume. That is an annualized run rate of $677 billion, which would be ~50% more than 2018. What doesn’t kill you, makes you stronger.”
The co-founder of Morgan Creek Digital Capital was right in praising Bitcoin as the numbers showed that the digital asset’s foothold in the financial ecosystem was increasing. Recent reports claimed that Bitcoin witnessed higher on-chain transaction volume than the popular American Express. Analysis showed that Bitcoin settles more than $6 billion worth of transactions on a daily basis, which was almost double of American Express’s $3.2 billion.
Many users of the cryptocurrency had their own take about Pomp’s post, with CryptoHamster, a crypto enthusiast tweeting:
“Now imagine to do the same with gold (“store of value”, right?) instead of #bitcoin.
What will be the transportation cost and risks.
And they still say that $BTC is going to zero…”
When it came to transaction volumes, Bitcoin has had a stupendous year because it had also recently recorded its all-time high daily transaction volume with lower fees. Kevin Rooke, a Twitter user and a Bitcoin/crypto enthusiast had shown that:
“Daily Bitcoin transactions just broke an all-time high in April, and tx fees were 86% lower this time around.
TX fees: 616 BTC/day
TX fees: 89 BTC/day”
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