Connect with us

Bitcoin

Bitcoin continues to dominate daily active addresses, transfer amount metrics

Chayanika Deka

Published

on

Source: Pixabay

2019 has been a wild ride for the cryptocurrency industry. After going below $6.5k, Bitcoin underwent an aggressive rally on 18 December and surged over $7k, with the king coin continuing to exhibit high volatility. According to a recent report by LongHash, the intra-month volatility of cryptocurrencies and crude oil was found to be much greater than the rest.

Source: LongHash

A decade since its inception and countless forks later, Bitcoin, the reigning king of crypto, continued to dominate the space with a market cap of nearly $130 billion. The latest LongHash report for November revealed that Bitcoin is the most active crypto-token. According to the research report, despite a poor show in specific metrics such as daily transaction figures, a figure dominated by XRP and Tron [TRX], Bitcoin led the pack in terms of daily active address numbers and the daily transfer amount.

LongHash stated,

“Although other tokens rank higher on specific metrics, Bitcoin remains the most dominant cryptocurrency with the most active network.”

Source: LongHash

This finding was a re-iteration of Messari’s Ryan Selkis’ statements after he wrote “There’s only one Bitcoin,” since for most people, it’s “Bitcoin,” and not “crypto.”

Attributing to factors such as best trading options available, both spot and derivatives, Bitcoin is the most popular crypto-asset in the institutional trading world right now. However, due to privacy, scalability and transaction finality issues, traditional enterprises have mostly focused on development on permissioned and private blockchain protocols. 2020 could potentially be the year when enterprises shift focus from this to Bitcoin blockchain, a trend started by the tech giant Microsoft in May this year when it announced a Decentralized Identifier [DID] network called ION operating on top of Bitcoin blockchain.

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.