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Bitcoin

Record in Transactions! Over $9 Trillion Transfered Via Bitcoin

As the Bitcoin reached its 15-month high in the $ 10,000 resistance breakthrough, the renewed focus on one of the lesser figures shows that so far over $ 9.9 trillion has been sent through BTC.
At the same time, the value is rising rapidly, with nearly $ 13 billion being sent each day. After breaking the resistance level of $ 10,000 and reaching an average of over $ 13,000, each of the indicators showed strong growth. Everything from its hash rate and the number of active addresses to the number of daily transactions and their value increases. Blockchain.com data also shows a steady increase in interest when it comes to Bitcoin, with more and more people searching for “Bitcoin” and related terms every day.

However, there is an indicator that seems to be neglected in many market analyzes, and this is the total value sent with the help of Bitcoin. While many may reject it as less important than, for example, the number of transactions, it is actually a very telling sign of market maturity.

Over $ 9.2 trillion were dispatched via BTC, James McDowell, head of strategy at Sentinel and founder of CX, drew attention to this issue in a Twitter post on June 24th. McDowell shared two graphs showing the amount of Bitcoin sent and the total amount of USD sent via Bitcoin from 2017 onwards. While it is obvious that the total value of the dollar transactions in a BTC increases in parallel with the cost of the digital asset itself, the real numbers are rarely discussed. 

The fact that over $ 13 billion is sent every day and this number is growing is stunning.

Over $ 16 billion were sent on June 21st. Although the benchmarks are impressive, a significant part of this volume comes from activities such as “wow” trading. In addition, the transfer of funds between two different portfolios may belong to the same user – for example, funds transferred between hot and cold consumer portfolios.

$ 16 billion was sent in 337,741 transactions, according to Blockchain.com, which means that the average transaction value of that day was about $ 47,500.

Apart from the fact that Bitcoin may be preparing for his biggest rally, it is clear that the flagship crypto-flag is not only used as a stock of value. Data suggests that the most popular digital asset is also used for large transfers, once again confirming the usefulness of cryptoLight.