Chainalysis Study Shows Bitcoin Use In Darknet Market Grows
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Chainalysis Study Shows Bitcoin Use In Darknet Market Grows

January 29, 2020      Jyoti Singh

According to the Chainalysis data report, since the year 2018, the sale of Bitcoin in the darknet market has grown up to 70 percent. The data further revealed that it was the first time the Bitcoin sales surpassed $600 million. The Chainalysis report also mentioned that the share of overall incoming cryptocurrency of the darknet market was increased for the first time, since the year 2015. The Chainalysis report also found that any kind of highs and lows in the crypto market do not affect bitcoin’s use in the darknet market.

While talking about darknet’s dramatic spike, Chanalysis stated, “While all categories see spikes in July around the same time as a Bitcoin price surge, darknet markets exhibit a much less dramatic spike than the others.” After going through the transaction activity of the darknet market, the Chainalysis further stated that it remained in a much narrower range which suggested that its customers were not much influenced by the price of Bitcoin. 

Darknet Markets Generating More Revenue Over The Years

It was reported that in the year 2019, the active darknet markets collected more revenue than any other market which was active in any other year. The reports suggested that the darknet market’s revenue was increased by more purchases.

According to the report, at present, there were 49 active darknet markets. Therefore, it was easy for the users and vendors to make a choice among them. They could also coordinate with each other on a forum like Dread and Reddit-like to find a new market, as those sites were devoted to darknet markets.

Report By Elliptic

An earlier study by a blockchain analysis firm Elliptic also suggested that for the darknet activities, Bitcoin was the most popular crypto and it shared accounts for less than 1 percent of all bitcoin transactions.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.