Crypto-Based Commerce Spikes 65% in 7 Months

Commerce fueled by cryptocurrencies has once again started to grow. Data collected by blockchain forensics company Chainalysis shows a significant increase of volume in the first half of the year. The positive change coincided with the remarkable market recovery that followed last year’s prolonged crypto winter.

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$5.5 Million of Crypto Used in Commerce Daily

After a string of depressing months in 2018, cryptocurrency-based commerce began to rise again in 2019, the study quoted by Bloomberg indicates. According to New York-headquartered Chainalysis, the amount of cryptocurrency sent to 16 merchant service providers such as Bitpay increased by 65% between January and July. During the same period, the price of bitcoin core (BTC) tripled to over $12,000.

This year’s positive trend contrasts with the findings from last year, when Chainalysis registered a decline in bitcoin-related trade. The company’s 2019 research covers not only commerce based on BTC but also payments in bitcoin cash (BCH), litecoin (LTC) and the stablecoin tether (USDT). These cryptocurrencies, the report notes, are used to fund everything from online gambling to purchases at pot shops.

According to Kim Grauer, senior economist at Chainalysis, the