Bitcoin prices remain down by about a third overall since the beginning of 2018 despite doubling in value in 2019. Analysts say the bounce-back could be masking a troubling underlying trend in Bitcoin usage.
Dollar prices of the cryptocurrency are up an average of 123 percent year-to-date but still remain about 33 percent down compared to the beginning of 2018 and way below the all-time highs of two years ago, Benzinga reported.
In early October, the total dollar value of daily Bitcoin transactions dipped below $1 billion for the first time in about four months., according to Blockchain.com.
Bitcoin’s transaction volume peaked at more than $4.6 billion in December 2017 but has since dipped throughout 2018 and 2019 as the size of average transactions became smaller.
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“What’s funny is that the number of transactions hasn’t gone down at all and actually remains extremely stable around 3.75 transactions per second,” said Mati Greenspan, an eToro analyst.
The price of Bitcoin and other cryptocurrencies continue to tank, with the value of the digital currency sliding by more than $2,000 from highs of above $10,000 earlier in the year, Techcrunch reported.
Crypto-asset management firm Bitwise, which was seeking to list Bitcoin exchange-traded funds (ETFs), said in a March report to U.S. financial regulators that about 95 percent of all trading volume on 71 out of 81 exchanges analyzed had been faked.
