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Monthly transaction history of crypto with the highest market cap up to December 2024
At the end of December 2024, the Ethereum cryptocurrency had been processed well to 39 million times on-chain that month. This was about three times that of the more commonly known rival Bitcoin, which saw a total of 12.7 million transactions that month. Other leading cryptocurrencies also saw significantly less transaction activity.
What kind of transactions were these?
Cryptocurrencies are digital currencies which owe their credibility to their technology rather than a central bank. Many of the transactions in this statistic involve cryptocurrency exchanges which exchange these coins for other currencies, including traditional currencies such as U.S. dollars or euros. In selected countries, Bitcoin ATMs also dispense the local currency in exchange for Bitcoin. However, few retailers accept that or any other cryptocurrency on a large scale.
Cryptocurrency as an investment
Many cryptocurrency enthusiasts point to the high market capitalization of their favorite cryptocurrencies. Moreover, the currency price is an important factor. The price volatility of Bitcoin and others attracts investors, hoping to buy low and sell high.