BTC average transaction value up 500% since July
21 Oct 2020
Bitcoin average transaction value has skyrocketed since July this year.
Four months ago, the average value of Bitcoin transactions was around $25,000 per transaction, but on October 20 reached a yearly high of $151,000 per transfer, an increase of over 500%.
This latest spike, reports Cointelegraph, saw the average value of a Bitcoin transaction increase almost $50,000 in the past 48 hours, up from $105,000.
This rise in transaction value follows shortly after the trading dominance of Bitcoin – the world’s largest cryptocurrency by market capitalisation - increased to levels not seen in three years.
The average value of $151,000 is over 190 times more than Ethereum’s average transaction value of $793, indicating a substantially greater institutional presence in the Bitcoin markets.
Nevertheless, there has been a 30% rise in the number of daily Ethereum transactions during August’s DeFi (decentralised finance) boom, hitting a two-year high of 1.29 million on 10 August.
During the same timeframe, Bitcoin transactions remained within the range of 300,000 and 350,000, highlighting the Ethereum ecosystem was the initial attraction for new cryptocurrency users.
Furthermore, over the last four months there have been no significant changes to the number of Bitcoin active addresses, moving between 650,000 and 970,000.
According to accumulation figures, institutional investors are standing up and taking note as major investment companies such as Grayscale and Microstrategy boosted their accumulation of Bitcoin and other cryptocurrencies in recent months.
Barry Silbert, CEO of Grayscale said on Twitter that the two companies were involved in a “buying race” for Bitcoin.
At the end of last month, Grayscale controlled approximately 449,900 Bitcoin, equating to 2.4% of the current supply of the cryptocurrency, whilst Microstrategy owned 38,250 Bitcoin.
A fortnight later, Jack Dorsey’s company Square bought 4,709 Bitcoin, worth around $50 million.
A Square press release at the time stated: “Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.”
Swiss National Bank and BIS consider CBDC using blockchain
04 Dec 2020
Crypto analysts are “very optimistic” at speed of Eth2 roll-out
03 Dec 2020
Bitcoin could reach $300k in a year, says renowned crypto analyst
02 Dec 2020
Bitcoin price hits new record high
01 Dec 2020
UAE, Saudi central banks unveil joint CBDC report
30 Nov 2020Back to Blog