Bitcoin had one of its strongest years yet in terms of on-chain activity and usage, with several network metrics demonstrating all time high activity. Bitcoin transaction count, transaction volume (on a USD equivalent basis), and the network hash rate hit new all time highs this past year.
Bitcoin transaction count surged in 2019 to reach its highest level ever. As shown in the figure below, bitcoin transaction count rose in 2017 as market prices reached all time highs on the back of heightened media and investor attention. Throughout 2018, transaction count declined as the space saw reduced attention. However, transaction count increased over 2019 to reach the highest yearly level yet.
Bitcoin transaction volume on a USD equivalent basis also hit a new all time high this year. Annual aggregate transaction volume reached its highest level yet for the year, just edging out the 2017 total. For 2019, the Bitcoin network saw more than $3.8 trillion in transfer volume, just beating out the more than $3.6 trillion in volume seen in 2017. In the figure below, we diagram bitcoin transaction volume on a USD equivalent basis over time.
2019 saw the strongest year yet in terms of network security, with aggregate mining resources dedicated to securing the Bitcoin network reaching the highest level ever this past year. While the end of 2018 and early 2019 saw a drawdown in network hash rate following a price decrease throughout 2018, the network hash rate increased considerably over 2019 reaching a new all time high as estimated mining profitability increased in the first half of 2019 (read our latest report on estimated mining profitability).
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