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Introducing our adjusted transaction volume estimates
As we have exhaustively covered, getting accurate estimates of the actual economic throughput of public blockchains is not a trivial task. Due to the existence of mixers, self-churn, privacy enhancements, spam, and change outputs (in UTXO chains), raw estimates of [...]
An analysis of batching in Bitcoin
On May 6th, 2017, Bitcoin hit an all-time high in transactions processed on the network in a single day: it moved 375,000 transactions which accounted for a nominal output of about $2.5b. Average fees on the Bitcoin network had climbed [...]
On data and certainty
Being certain is a lovely thing. Despite what many would allege about the poor finality of proof of work, the relative certainty it provides is part of the appeal. Once that inbound transaction is buried six confirmations deep, it’s almost [...]
On the difficulty of estimating on-chain transaction volume
We are happy to report that this site is getting quite a bit of attention these days. We never anticipated this when we first decided to put together a public repository of cryptocurrency data. With lots of attention comes lots of [...]
An important network value to transaction ratio caveat
If you’ve been following coinmetrics closely, you might be convinced of the usefulness of our network value to transactions metric (NVT) in determining relative value. However there is an important caveat that must be mentioned. […]
Mean-reversion and reflexivity: a Litecoin case study
Litecoin is a remarkable cryptocurrency. Of the seven currencies we profiled, its MTV ratio is among the steadiest (in our sample period of the last two years). Only bitcoin boasts a stabler market to transaction value. (Read our intro to [...]
Why should I pay attention to the NVT ratio, anyway?
Our very first contribution to the body of research on cryptoassets is one we think will become mainstream as this discipline matures. It has intuitive strength – the market to transaction value ratio makes diverse cryptoassets easily comparable. This ratio [...]
An introduction to MTV
Currency serves as a medium of exchange, store of value, and unit of account. The Market to Transaction Value metric captures its efficacy at enshrining that first property. Please note: By consensus, we have renamed the “MTV” (market to transaction [...]