Cryptocurrency Transactions Grow 300 Per cent in Two Years

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After its recent new high crossing $61,000, Bitcoin keeps on attracting more and more investors. But with crypto spending being on the rise for a long time now, it seems like the cryptocurrency market is not just about a momentum trade but more than that. 

As per the recent internal reports by CoinPayments, the largest crypto payments processor in the world, the cryptocurrency market of North America experienced a 300 percent growth in transactions within a time span of two years, from the 1st quarter of the year 2019 to the 4rth quarter of the year 2020, as more investors and businesses embraced digital currencies. 

While talking to a private Cryptocurrency news publisher, Chief Executive of CoinPayments Jason Butcher said that cryptocurrencies are continually solidifying their position in the global financial markets as consumers have started seeing real value in the market. 

Butcher further added that the world is going to witness a bigger trend of cryptocurrencies.

Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are the three most transacted digital currencies in North America, according to researches by CoinPayments. 

Apart from BTC, ETH, and LTC, there has been a nine-fold increase in the transaction volume of Tether (USDT) during the last two years. 

The recent rally in Bitcoin has pushed its market capitalization to more than $1 trillion whereas, in the fourth quarter of the previous year, BTC’s total transaction volume in the North American market rose to $153.65 million. 

Along with transaction volumes, average transaction sizes are growing too. This fact supports the notion that people’s trust in cryptocurrencies is increasing, said Butcher. 

Analyzing the sectors which attracted the most transactions, the average crypto-transaction size for the payment of financial services increased by 41 percent from the 1st quarter of 2019 and amounted to $531 in the last quarter of 2020. 

Many analysts have termed the rise in the Bitcoin demand a substitute that the investors are interested in to protect their assets against the escalating inflation threat. It is also being noticed that the over-hundred percent gains in Bitcoin’s run this year have outshined the gold, the traditional guard against growing inflation. 

According to Butcher, the demand for cryptocurrencies is growing for the simple fact that they do not only protect wealth but also can be used as a global currency.  

Bitcoin has accomplished some big milestones and emerged as a leader in the cryptocurrency market. In addition to having a market value of more than $1 trillion, Bitcoin has also exceeded Dow Jones Industrial Average’s market capitalization. 

Bloomberg intelligence’s senior commodity strategist Mike McGlone noted in a recent report that Bitcoin value has only started surging now. He said he believes that Bitcoin has the potential to beat Amazon in the market value.

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