Commerce fueled by cryptocurrencies has once again started to grow. Data collected by blockchain forensics company Chainalysis shows a significant increase of volume in the first half of the year. The positive change coincided with the remarkable market recovery that followed last year’s prolonged crypto winter.
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After a string of depressing months in 2018, cryptocurrency-based commerce began to rise again in 2019, the study quoted by Bloomberg indicates. According to New York-headquartered Chainalysis, the amount of cryptocurrency sent to 16 merchant service providers such as Bitpay increased by 65% between January and July. During the same period, the price of bitcoin core ( BTC ) tripled to over $12,000. This year’s positive trend contrasts with the findings from last year, when Chainalysis registered a decline in bitcoin-related trade. The company’s 2019 research covers not only commerce based on BTC but also payments in bitcoin cash ( BCH ), litecoin ( LTC ) and the stablecoin tether ( USDT ). These cryptocurrencies, the report notes, are used to fund everything from online gambling to purchases at pot shops .
According to Kim Grauer, senior economist at Chainalysis, the increase in bitcoin-denominated trade suggests that there is more trust in crypto now. The overall amount of cryptocurrency used in commerce remains small, the publication acknowledges, but yet it grew from around $3 million daily in January to $5.5 million per day […]
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