Bitcoin — 2017 Velocity Analysis.

In 2016 bitcoin transferred $58 billion worth of value on-chain.
The average market capitalization of bitcoin throughout 2016 was $8.9 billion.
So the ‘hybrid velocity’ as Chris Burniske called it in his valuation framework of bitcoin for 2016 was around 6.5 ($58B / $8.9B)
2016 Transactional velocity=14

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In 2017 bitcoin processed $375 billion.
The average market capitalization throughout 2017 was $66 billion.
2017 Hybrid velocity=$375/$66=5.66 (13% decrease from 2016)
2017 Transactional velocity=5.66/0.46=12.30 (12% decrease from 2016)

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