The cryptocurrency market has made great progress since the conception of Bitcoin in 2009. Crypto-traders in the market have seen the market at its best and its worst, opting to look at the positives and march on. The growth in crypto-use has been multifold over the decade and the same was reflected when aggregate transactions per year surpassed the 1 billion mark in 2019.
According to data provider Blocknative, 2019 turned out to be the most popular year in the history of crypto-transactions. In its recent research, the report claimed,
“Significantly, we crossed the 1 billion aggregate transactions per year threshold in 2019. In fact, more than 37% (>1.1 billion) of all blockchain transactions in history occurred in 2019.”
The attached chart reflected the growth in Bitcoin and Ethereum transactions over time. According to the report, in 2019, BTC and ETH represented nearly 44% of the total global blockchain transaction volume, with the crypto-industry growing at a 5-year Compound annual growth rate [CAGR] of 44%. If the current trends continues, the industry could expect almost 20 billion new blockchain transactions over the course of the next 5 years.
Shifting its focus onto stablecoins, the report said that Tether [USDT] has emerged as the go-to stablecoin in the crypto-market. Over the last 180 days, Paxos [PAX] outgrew Omni-issued Tether [USDT], Ethereum-issued Tether [USDT_ETH], USD Coin [USDC], and TrueUSD [TUSD] in terms of daily transactions count, according to data provider Coin Metrics.
As USDT and USDT_ETH’s growth was restricted and fell to a certain extent, over the past 180 days, PAX grew by about 545%.
Despite falling lower on the prominence table, however, USDC managed to lead in terms of adjusted transfer value growth as it grew by 80%, as much as PAX.