Cryptocurrency transactions set to hit $1trn
Written by Chris Lemmon
The value of cryptocurrency transactions is expected to surpass the $1 trillion mark in 2017, more than 15 times the level in 2016, according to new research from Juniper.
The study found that transaction values in H1 2017 surpassed $325 billion, driven by the increase in Ethereum’s price, which saw it account for two thirds of cryptocurrency transaction values in that time.
Cryptocurrency is now seeing daily trades consistently in excess of $2 billion, while Litecoin is also experiencing a surge in volume and value. Juniper predicts that if current levels are maintained, total transaction volumes should exceed the $100 billion mark by the end of the year.
The study also found that Bitcoin has continued its recent rise in value in the wake of the currency’s fork on 1st August, which resulted in the creation of a new currency – Bitcoin Cash. Since the start of 2017, the price of Bitcoin has risen from around $1,000 to more than $4,000. However, the research cautioned that a second planned fork in November, when the SegWit2x scaling solution is due to be implemented, may prompt a split in the community, potentially leading to depreciation.
Windsor Holden, author of the Juniper report, commented: “There is no resolution in sight to the continuing and fundamental disagreements between many Bitcoin miners and Bitcoin Core developers over the future of the cryptocurrency. This in turn could lead to uncertainty about Bitcoin’s future and downward pressure on its valuation.”