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.<\/p>\n
Despite this harrowing price action, which some analysts say is indicative of mass complacency<\/a> 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.<\/p>\n This bodes well for the crypto market in the longer run.<\/p>\n According to a recent thread<\/a> 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.<\/p>\n The growth in transaction count seemingly stems from the growing adoption of the SegWit solution, allowing for more transactions to be put into each block, while the aggregate yearly Bitcoin transaction volume was aided by the price action over the past few months, which has forced exchanges and traders to use the network as a medium of payment.<\/p>\n #Bitcoin<\/a> has had a record 2019 with transaction count, transaction volume (USD equivalent basis), and hash rate reaching new all time highs this past year. pic.twitter.com\/hSGXyeq4JR<\/a><\/p>\n — TradeBlock (@TradeBlock) December 26, 2019<\/a><\/p><\/blockquote>\nRelated Reading: China Continues Anti-Crypto Stance With Beijing Warning; Will it Work?<\/a><\/h6>\n
Bitcoin Network’s Record 2019<\/strong><\/h2>\n
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