Bitcoin (BTC) usage statistics over the years have furnished some interesting insights. Coins circulating in transactions have remained stable. But now, the network carries more value, as there are more UTXO transactions or unspent coins.
More Value Moved Through Bitcoin Network
The actual physical movement of BTC and overall transaction counts are at least somewhat correlated to price actions. Some periods in bitcoin’s blockchain history reveal multiple transactions, but with little value per transaction. But the overall charting of network use from 2011 until now shows signs of wider adoption.
— PlanB (@100trillionUSD) November 6, 2019
The last two years were especially salient, as they marked the appearance of new crypto exchanges. Trading activity is one of the biggest factors for more active Bitcoin transfers. But tentatively, the past year saw a return of BTC payment options. Some vendors gave up on Bitcoin, but other payment options took over.
Spam, Testing, and Arbitrage Boost Transaction Count
In the past, the Bitcoin network has also seen bouts of spam transactions or transactions related to testing. On Thursday, the BTC network carried 314,000 transactions, excluding UTXO, a slowing number as prices moved down below $9,300.
The US dollar value of those transactions, however, is above $1.4 billion, down from a recent peak above $2.7 billion. This level of activity makes BTC the fifth busiest network, displaced only by other blockchains engineered for speed and high transaction load.
Bitcoin also remains the only coin still seeing highly active transfers.