Crypto research of the July 2019 cryptocurrency activity

Corindex July 2019 crypto report is comprised of parsed data on key cryptocurrency exchanges. Indicators, specifically designed by this crypto analytic platform, are calculated past the analysis of the blockchain network of various crypto assets. To best approximate the overall state of the cryptocurrency market, the report shows data only on the top cryptocurrencies with the largest capitalizations, and, occasionally, currencies that showed biggest relative changes by one indicator or another over the analyzed period. The report contains nine chapters, each of which encompasses the changes to its designated indicator over the analyzed period.

The first chapter of the Corindex crypto report is dedicated to the currency transaction volume of various cryptocurrencies, one of the most important market indicators, expressed in United States dollars.

As always, Bitcoin stands on the entirely different plane from other cryptocurrencies, sporting a monstrous volume equivalent to 653 170 485 253,00 USD - 56.18% more than it’s previous monthly volume. Bitcoin Cash is second. Leagues behind Bitcoin but well ahead of its competition with a monthly transaction volume of 59 664 284 450,00 USD, which is 19.21% less than the volume of the Bitcoin Cash in June. Ethereum takes up the next place; its monthly volume has dropped by -9.87% down to 19 376 925 910,00 USD. Litecoin is ranked fourth. A monthly decrease of almost exactly 36% has brought its monthly volume to the 13 278 274 366,00 USD.  Dogecoin is the only other top-5 coin aside from BTC that sports an increase in volume during July, and a hefty one at that. Due to an increase of 42.64%, its monthly volume has reached 4 188 530 511,00 USD.

The second chapter of this crypto report covers the number of cryptocurrency transactions conducted on cryptocurrency blockchains over the last 7 and 30 day periods.

According to it, the blockchain of Ripple has endured the largest number of transactions - 31 486 672,00, which is 15.89% more than last month. Ethereum is second despite a -14.2% negative growth, with 23 161 971,00 transactions. The blockchain of Bitcoin has verified -3.72% fewer transactions than during previous analyzed period, placing it third with 10.43kk monthly transactions. The number of Bitcoin Cash transactions, on the other hand, grew by 10.06% to 1 624 083,00, placing it fourth. Despite a slight decrease of -4.47%, Ethereum Classic ranks fifth with the 1 265 272,00 ETC transactions during the last 30 days. Litecoin takes up the next place with 933 933,00 transactions and a -5.36% decrease over the month. Dogecoin experienced a similar decrease of -5.99%, which brought its transaction number down to 860 418.

Third chapter of this crypto research deals with the average currency transaction size expressed in USD and is a derivative of the indicators covered in the two previous chapters. The Average Currency Transaction in USD is calculated as (Sum of transactions in USD) divided by (Amount of Currency transactions) of the respective crypto asset.

Unsurprisingly, Bitcoin is leading here as well. Having increased by 234.03% over the last thirty days, its monthly transaction size now amounts to 197 566,00 USD in equivalent. It’s worth noting that BTC is the only cryptocurrency that has seen growth in this category over the analyzed period. Litecoin’s average transaction size has decreased by -44.04% over the month and is now 9 722,00 USD. Despite the huge drop, it still takes up the second place. Sporting an even larger decrease of almost 90%, Bitcoin Cash is ranked third nonetheless with an average transaction volume of 9 224,00 USD. Having dropped by -30.72% down to 2 156,00 USD average currency transaction volume, Reddcoin is fourth. Due to a negative growth of -73.62%, Dogecoin’s average transaction size is now 1 091,00 USD in equivalent, which still allows it to wrap up these top-5 currencies with the largest average transaction sizes.

Only a fraction of all cryptocurrency transactions involve United States dollar or other fiat currencies; most of them are conducted between various crypto assets. The eighth chapter of this report examines the Share of Direct Currency/USD Transactions which allows one to examine just how tied a particular crypto asset is to USD.

With the recent positive trend, Bitcoin only strengthened its position as a gateway between crypto and fiat worlds: For every 100$ in Bitcoin transactions, 98.29 are direct BTC/USD exchanges, which is 36.64% more than during the previous month. Following the same train of thought, for every 100$ in BCH transactions, only 0,65862714 USD correlates to the actual BCH/USD transactions, which is -96.95% less than during June. The rest of the currencies follow suit. Due to a drop of -80.97%, only 0,56569244% of all Ethereum transactions involve USD. Likewise, Litecoin’s share has dropped by -85.88% and is now only 0,40390932 USD for every 100 USD in LTC transactions. Similarly, having dropped by -88.63%, Dogecoin’s share of Direct Currency/USD Transactions is now only 0,04745681 per 100 USD. Dash is the last currency with any meaningful amount of direct currency/USD transactions: for every 100 USD of Dash’s monthly transaction volume, 0,01844093 USD belong to DASH/USD exchanges.

Disclaimer: the content is for informational purposes only; you should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this report constitutes a solicitation, recommendation, endorsement, or offer by Corindex or any third party service to buy or sell any cryptocurrency assets or other financial instruments in any jurisdiction.