The cryptocurrency industry continues to thrive despite the decline in prices. According to studies, about $1 trillion of BTC was transferred in 2018 alone, with nearly $500 billion of ETH being exchanged as well.
The study was conducted by Coinmetrics, who did a number of calculations to reach the results. It removed all unnecessary trades, like those with mixers, and also those in which exchanges moved a large quantity of crypto, just like Circle’s purchase of Polinex earlier this year.
On the Bitcoin blockchain network, all transactions would obviously be treated equally. However, the purchase of something like a Bitcoin-based vehicle would definitely hold much more meaning than using a mixer to remove a Bitcoin source altogether.
Coinmetrics’ report reads:
“From the perspective of the blockchain, all transactions are equally valid – but from the perspective of an analyst or economist, it’s useful to isolate only the meaningful economic transactions, so that’s what we’ve done here.”
After manually getting all of the data with cuts and hacks, they came up with a conservative number as a final figure. This essentially means that the total value of all BTC transactions this year is likely to be well over $1 trillion, although many of those transactions don’t hold any meaning. The volume of meaningful trade amounts to about $50-$150 billion a month through this year, meaning the year to date has seen roughly $800 billion in BTC trade.
January itself saw around $220 billion of Bitcoin trade. The amounts have since then been gradually dropping, amounting to about $220 billion in February, then dropping even further to $100 billion in March, April, and May. June and July saw the volume reduced to $70 billion. Halfway through August, the transaction amount for this month currently stands at about $30 billion.
Even Ethereum has a similar story. Around $120 billion of ETH was traded in January. Since then, it fell to $60 billion in February and $30 billion in March. However, May saw an ETH transaction surge and the volume rose to $60 billion. ETH has since then seen a steady monthly volume of about $30 billion.