Ethereum and Bitcoin account for 44% of global blockchain transaction volume in 2019

The cryptocurrency market has come a long way since the launch of Bitcoin in 2009. Despite the ups and downs of the cryptocurrency market, investors still choose to look at the bright side of things. Over the past decade, the volume of cryptocurrency transactions has increased exponentially, and in 2019, the annual total transaction volume exceeded 1 billion times.

According to provider Blocknative, 2019 was the most popular year in the history of cryptocurrency transactions. A recent research report also stated: "Importantly, we broke the 1 billion total transactions per year threshold in 2019. In fact, 37% of all blockchain transactions in history (greater than 1.1 billion) occurred in 2019."

The attached chart reflects the growth of Ethereum and Bitcoin transaction volume over time. Data shows that in 2019, Ethereum and Bitcoin accounted for nearly 44% of the total global blockchain transactions. If the current trend continues, the cryptocurrency market is expected to achieve nearly 20 billion new blockchain transactions in the next 5 years.

Shifting focus to stablecoins

The report states that Tether (USDT) has become the preferred stablecoin in the cryptocurrency market. According to data provider Coin Metrics, in the past six months, Paxos (PAX)'s daily transaction volume has exceeded not only Omni's Tether (USDT), but also Ethereum's Tether (USDT_ETH), USD Coin (USDC) and TrueUSD (TUSD).

The decline is somewhat due to the limited growth of USDT and USDT_ETH. In the past 180 days, PAX has grown by about 545%.

Compiled by: Lin Shihao

Image source: Pixabay

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