Lopp’s “report noted that value of every BTC transaction, which had peaked at over $100,000, declined by 90 percent in 2019 to $10,000. It nearly reversed the trend that had started when BTC/USD was trading at $4,000 in 2017. The data noted that the network’s average UTXO, which stands for the unspent output from bitcoin transactions, also lowered from the 2017 average of 30 BTC to 13 BTC in 2018,” according to CCN.
While bitcoin and the broader cryptocurrency space tumbled last year, cryptocurrency as an asset class did attract new investments.
“Despite a bearish makeover, bitcoin and its sister markets continued to attract more investments than they did in the previous years,” reports CCN. “Venture capital funding into the crypto space grew almost fourfold in 2018, from $876.28 million to $3.127 billion. It ensured that trust in the potential of blockchain did not fade even though 90 percent of companies that wanted to create a blockchain-enabled product failed.”
For more information on the cryptocurrency market, visit the Bitcoin category.