Bitcoin
Bitcoin$50 743.03

3.55%

Ethereum
Ethereum$3 987.39

10.36%

Binance Coin
Binance Coin$607.72

6.37%

Dogecoin
Dogecoin$0.524157

34.89%

Cardano
Cardano$1.88

5.74%

Tether
Tether$0.999821

-0.01%

Price predictions

Bitcoin average transaction value increases 500% since July


21 Oct 2020   #Bitcoin

The average value of Bitcoin (BTC) transactions has increased dramatically since July this year. The average transaction value was sitting at approximately $25,000 per transaction four months ago, but posted a yearly high on Oct 20 at $151,000 per transfer — representing an increase of more than 500%. 

The latest spike, as shown by crypto analytics platform BitInfoCharts’ data, saw the average value of a transaction increase almost $50,000, up from $105,000, in the last 48 hours. This surge in transaction value comes shortly after Bitcoin’s trading dominance rose to levels not seen since 2017.

The $151,000 average value is 190 times more than Ethereum’s average transaction value of $793, suggesting a significantly greater institutional presence in the Bitcoin markets. However, the number of daily Ethereum transactions increased by 30% amid the DeFi boom in August, reaching a 2-year high of 1.29 million on Aug 10. Over the same period, Bitcoin transactions consistently hovered between 300k and 350k, suggesting the Ethereum ecosystem was the primary magnet for new crypto users. The number of Bitcoin active addresses also showed no significant changes, fluctuating between 650k and 970K over the last 4 months.

By the end of September, Grayscale controlled at least 449,900 BTC or 2.4% of the current supply of Bitcoin, and Microstrategy owned 38,250 BTC. Two weeks later, Jack Dorsey’s Square purchased 4,709 BTC (approximately $50 million) in Bitcoin.

Source

#source

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.