2019 has been a year with mixed returns for the crypto markets. Some of the digital assets were bearish while others were strangely bullish. In the case of Bitcoin, it was anything but bearish this year. According to new data, the technical strength of the flagship token has reached levels that have not been seen before.
A keen analysis of three metrics confirms that BTC firmly beat off bearish sentiment in 2019. The metrics in question include USD transaction volume, Bitcoin’s transaction count, and hash rate.
Over the whole of this year, these measures set new records that considerably eclipsed previous performances. Interestingly, it included outdoing the 2017 figures which supports the narrative that BTC price action is not the ultimate indicator of the overall health of bitcoin. Notably, BTC’s value is still up more than 100% compared to the 2018 lows.
With more bitcoin transactions coming more value has come. Blockchain notes the Bitcoin network moved more value in USD than ever before this year. That includes a spike above $4 billion in one day in late July which coincided with an exodus from derivatives exchange BitMEX.
Data shows that the Bitcoin network processed more transactions in 2019 than in any other year. TradeBlock published that May 2019 was the busiest month ever for the flagship crypto with almost 12 million transactions. December 2017 now comes second still with more than 11 million.
Bitcoin Hash Rate
According to reports from throughout 2019, Bitcoin’s hash rate continues to surge to new heights. Hash rate is a major indicator of the amount of computing power miners that are willing to dedicate to processing transactions. In spite of a reduction in Bitcoin price and thus miner profitability, their commitment continues to grow as data reveals.
Estimating the hash rate is quite difficult. Any data source will provide a rough guide as real participation is impossible to know for sure. A raft of other metrics has only thrived since January.
Skew Markets noted in its annual summary earlier this December that Bitcoin derivatives and futures are among the year’s new and promising success stories. Other retrospective stories have come up covering both Bitcoin and beyond to mark the end of 2019 and the entire decade.
What will the next decade offer for the crypto market led by bitcoin? Time will tell.