June Crypto Blockchain Transactions Analysis
By COR Index on Altcoin Academy
This Corindex crypto report analyzes changes in statuses of blockchain wallets by tracking transactions and activities that lead to changes in wallet balances. The entire blockchain network is being analyzed to calculate a set of indicators designed to reflect upon the collective state of the cryptocurrency sphere as a whole as well as upon the state of specific cryptocurrency assets.
The entire report is split into nine chapters, in each of which only the top 10 best performing coins are shown, ensuring that you’re seeing only the most important and impactful information.
The headliner of this report is the chapter that presents the information on combined cryptocurrency transaction volume expressed in United States dollars.
It asserts that Bitcoin (BTC) has the highest combined monthly volume of 418 218 144 231,00 USD — a 94.63% increase over previous monthly results. BitcoinCash (BCH) goes second with a massive monthly growth of 127.09%, which brought it’s total up to 73 847 875 387,00 dollars. Ethereum (ETH) is third with a total of 21 499 975 804,00 USD in monthly transaction volume — 134.32% the result of May. Litecoin (LTC) takes up fourth place with 20 768 921 888,00 USD worth of monthly volume and a huge increase of almost exactly ninety-five percent. Dogecoin follows suit with a monthly volume of 2 936 467 248,00 USD and 44% growth.
Dash, on the other hand, lost the most — 27.85% — and is now down to 1 282 187 784,00 USD of monthly transaction volume. The other top-10 currency that is surrendering ground is BitcoinGold, which has endured a relatively minor decline of 8.58% down to 192 289 381,00 USD of transaction volume, which nonetheless stands out in light of recent ongoing positive trend all across the cryptocurrency board.
In the cryptocurrency sphere, some coins are worth WAY more than others — a peculiarity many members of Generation X and Millennials struggle to wrap their hands around, oft. using the excuse that they’re “too poor to afford even a single Bitcoin”, and we must admit that using the tiny fractions of a large whole isn’t exactly the most convenient way of paying for things. Due to this as well as many other factors, such as transaction speed and cost and specific use cases of particular coins, the number of transactions on the blockchain network does not necessarily correlate with the transaction volume of the currency that operates on that network.
According to the second chapter of the Corindex report, the blockchain of Ripple has the largest number of verified blockchain-based cryptocurrency transactions per month out of all currencies — 27 170 529,00, due to a giant increase in network activity of over 71 percent. Ethereum is only slightly behind with 26 994 323,00 transactions and a positive dynamics of 33.71%. 10 833 486,00 verified transactions were recorded on the Bitcoin blockchain during the analyzed monthly period. That’s 4.38% more than in May. The number of BitcoinCash transactions that were verified dropped by 1.02% to 1 475 599,00 per month. The activity on the network of Ethereum Classic, on the other hand, increased by 24.02 percent, so 1 324 407,00 ETC transactions were recorded. Among all top 10 currencies, Monero and Zcash displayed the lowest numbers of 288 885 and 127 370 transactions accordingly and respective increases of 7.99 and 5.32 percent. Weekly results for most currencies were not nearly that great. There were 6 102 231,00 transactions over the Ripple network this week — 34.5% more than during the previous week. Ethereum network has recorded a similar number of transactions during this period — 6 089 927, an increase of 5,86%. Bitcoin blockchain verified 2 430 768,00 transactions, 6.49% less than during the previous week. BitcoinCash lags far behind with a 17.66% decline and only 376 143,00 transactions. The fifth largest number of transactions per 7 days belongs to Ethereum classic, which, with a positive dynamic of 4.82 percent, has reached 308 741,00 transactions per week. 29.49% growth brought Litecoin up to 260 873,00 weekly transactions. Dogecoin’s network endured similar to the previous week’s load of 198 225,00 transactions, with this period’s results being only 2.62% larger. The number of Dash transaction has dropped by almost 15% down to 115 551,00. 68 327,00 transactions were conducted via Monero network during these past seven days, 7.78% less than during the previous week. Zcash’s network has seen only 33 716 transactions this week, which is a 13.7% increase over the previous week.
On Blockchain, there is no such thing as the minimal amount of transaction. Of course, there’s a point when the transaction costs are larger than the transaction itself so that the operation is practically useless, but in theory, you can send any amount. However, some currencies tend to attract larger size of transactions than others, due in part to the popularity and in part to the price and network properties of the particular coin.
As stated in the third chapter of this report, BitcoinCash possesses the largest average transaction size equivalent to over 91k USD. It has increased by 108.92% during this month. Bitcoin demonstrates a far lower value of 59 146,00 USD, which is a whopping 152.91% increase over May. Despite the negative dynamics of -8.45%, Litecoin is third with an average of 17 373,00 USD worth of LTC being moved per transaction. It’s tipping/joking concept notwithstanding, the size of the average transaction over the Dogecoin network has increased by over eighty percent this month and is now 4 136,00 USD. BitcoinGold concludes this top 5, maintaining a minor positive trend of 3.98% with an average BTG transaction being equal to 3 920 USD.
Please note that this article is not a call to action and is not intended to encourage to be the reader’s sole source of information to act on. The presented information has been compiled using publicly available sources and is accepted as is. This article contains no promotional material and is solely intended to inform its reader.
