Monthly transaction history of crypto with the highest market cap up to May 2024
At the end of May 2024, the Ethereum cryptocurrency would be processed well over one million times per day on-chain. This was about twice times that of the more commonly known rival Bitcoin, which saw only 550,000 daily 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. Also, the currency price is an important factor. The price volatility of Bitcoin and others attracts investors, hoping to buy low and sell high.
