RATE Group | Why Bitcoin Network’s Record 2019 Is Bullish For the Crypto Market
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Why Bitcoin Network’s Record 2019 Is Bullish For the Crypto Market

28 Dec Why Bitcoin Network’s Record 2019 Is Bullish For the Crypto Market

Posted at 04:38h in Bitcoin News by

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Although up 70% on the year, Bitcoin hasn’t had the best of 2019s from a market perspective, with the price surging 330% to $14,000 before seeing a precipitous drop to as low as $6,400 just earlier this month.

Despite this harrowing price action, which some analysts say is indicative of mass complacency in the crypto market, recent data compiled by a cryptocurrency on-chain analytics firm suggests that 2019 was a record year for Bitcoin in terms of on-chain metrics and fundamentals.

This bodes well for the crypto market in the longer run.

Related Reading: China Continues Anti-Crypto Stance With Beijing Warning; Will it Work?

Bitcoin Network’s Record 2019

According to a recent thread posted by TradeBlock, Bitcoin’s 2019, price action aside, was a record year in terms of the most basic of on-chain metrics: transaction count, transaction volume in USD, and hash rate.

The growth in transaction count seemingly stems from the growing adoption of the SegWit solution, allowing for more…

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