Most people say that Bitcoin went through a bearish year in 2019 but brand new data showed us that the cryptocurrency has high technical strength, reaching brand new interesting levels. This is in regards to transaction count, hash rate and USD transaction volumes.
In the past year, the measures mentioned all set brand new records.
Bitcoin Transaction Counts
In 2019, we saw more Bitcoin transactions than ever before. TradeBlock compiled strong industry analytics and highlighted that the best month for BTC was May 2019. This was when close to 12 million transactions happened. This was actually more than in December 2017, which was the record holder till now with 11 million.
Bitcoin Transaction Volume
Since we had more transactions in place, increased value was also a reality. When analyzing based on USD, according to Blockchain, the network moved much more value in 2019 than in any other past year. There was even a huge one-day spike that happened in July and that show transactions of $4 billion.
Bitcoin Hash Rate
The hash rate of Bitcoin keeps going up, which is something that did not stop in 2019. Hash rate indicates how much computing power is used by miners to mine new Bitcoin. Even if price went down and profitability was lower, computing commitment keeps growing according to official data from Blockchain.
It is hard to estimate the actual hash rate. All this data should be seen as a guide. However, it is a certainty that hash rate kept going up in 2019.
