Bitcoin network transfers BTC worth of $3 billion every day at the end of July 2019

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According to Coin Metrics’ network data charts for the Bitcoin network, the average transaction volume reached $3 billion per day in July 2019.
Why is this information important for traders and investors?
First of all, we have to emphasize that Bitcoin’s transaction volume grew by more than 200% from April 2019. So, the number of transactions on the Bitcoin network increased from an average of $1 billion to $3 billion, which is more than 3 times in just 3 months.
The same data source on cryptocurrencies indicates that other popular public blockchains such as Ethereum or XRP didn’t meet the same impressive figures.
For instance, the Ethereum network increased by more than 75% for the same 3 months period going from $370 million to more than $650 million. Further on, XRP has also known a positive evolution going from more than $150 million in April to almost $250 million in July 2019, all these numbers representing an increase of almost 60%.
It is true that we do have a growth and this is a positive evolution for some of the most popular blockchains in the world, but they can hardly compete side by side with the Bitcoin network. Now, we have to underline that the number of transactions and the cryptocurrencies’ prices always seem to move in unexpected ways surprising all market participants.
July 2019 was a summer month where things should have cooled down a bit but due to various causes such as the US Congress hearing on Facebook’s Libra and other indirect events, like the US-China trade war, the cryptomarket has been temporarily affected.
Every time there are conflicts or uncertainties on the world stage, major investors need to stop and wait for all these events to conclude before making any major investment decision.
The blockchain space has been mostly affected in July 2019 by the events surrounding Facebook’s Libra project and the tough resistance encountered from the US politicians. Quite unexpectedly, the entire discussion in the US Congress focused mostly on Facebook’s poor track record of keeping customers’ private data safe and less on cryptos.
Even more, if we are to draw a general conclusion from the US Congress hearing on Libra, we can clearly say that the single major winner of the confrontation is Bitcoin that was placed in opposition to the centralized foundation of the Libra project.
We guess Bitcoin is here to stay with us for a little bit longer.

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