Although cryptocurrencies declined in value across the board over the past year, many have nonetheless posted a significant increase in on-chain transactions.
Development of blockchain technology steadily continues despite the bearish market, according to a new report by Weiss Crypto Ratings.
4 Altcoins Leading The Way
Four cryptocurrencies have posted significant increases in transactional activity since 2018, according to Weiss Crypto Ratings.
Between February 2018 and March 2019, EOS (EOS) saw the greatest increase in transactional volume.
The cryptocurrency went from less than 7,000 transactions a day to nearly 4.6M in March of 2019.
That’s eight times more than Ethereum (ETH).
TRON (TRX) experienced similar growth, going from 3,000 daily transactions to 1.9M during the same period.
Another winner was WAX, a platform for trading gaming items and collectibles. It has ballooned to 4.4M transactions per day despite being virtually off the map entirely in 2018.
BitShares continues to grow. Being on the largest decentralized cryptocurrency exchanges, it now boasts some 1.5M transactions daily (up from 789,000 in February 2018).
Of course, it’s difficult to confirm how many of these transactions are legitimate. Oftentimes, as we see on EOS, many transactions are fractions of what would expect from a “usable” transaction. A similar case could be made for TRON. However, given the explosive rise in transactional volume, these coins nonetheless experienced a significant upsurge — regardless of how many of these transactions are spoofs.According to Weiss Crypto Ratings, EOS leads the cryptocurrency space in daily transactions. It has exploded from just 7,000 per day in February 2018 to nearly 4.6M daily in March, 2019. Click To Tweet
It should be noted, however, that not all transactions are made equal — as Weiss Crypto Ratings makes clear. A transfer of $1M on Bitcoin is obviously more significant than a collectible being traded on WAX. Nonetheless, the rapid increase in transactional volume indicates that, across the board, most cryptocurrencies are developing their technology and boosting adoption.
What percentage of these transactions do you believe are legitimate? Do you agree with the findings made by Weiss Crypto Ratings? Let us know your thoughts below!
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