Bitcoin’s average transaction value has reached levels not seen in more than a year, topping $129,000
As the bull run continues, the average value of a Bitcoin transaction is at its highest level in over a year, and active addresses have sustained levels close to ATH Bitcoin price. According to BitInfoCharts, Bitcoin’s average transaction value sent in a single transaction has reached its highest level in more than a year, hitting a peak of more than $ 129.000 on September 17.
Bitcoin’s average transaction value has reached levels not seen in more than a year
The last time Bitcoin’s average transaction value rose above $121,000 was in August 2019, when one or a few massive transactions pushed the total to more than $812,000 on average. And that was an anomaly; the average cost of a Bitcoin transaction hasn’t been this high since late 2017 when Bitcoin price hit its ATH price of just below $20,000.
The latest rise is a sign of sustained, heightened activity on the Bitcoin blockchain. Coinciding with this, other crypto networks are seeing their own record-breaking activity.
The number of Bitcoin active addresses, i.e. the number of unique addresses sending and receiving transactions each day, are also at their highest level since late 2017. Active addresses have averaged around 850,000 transactions per day since the last week of August.
In late 2017, when Bitcoin hit its all-time high price, daily active Bitcoin addresses averaged close to 1 million.
Ethereum-based DeFi applications, decentralized versions of financial services like loan providers and interest-bearing products backed by crypto, have attracted much of the attention within the crypto ecosystem in 2020, but Bitcoin hasn’t been left behind.
Bitcoin futures trading has reached record levels on some exchanges, and the number of Bitcoin ATMs installed around the globe recently crossed the 10,000. DeFi may be stealing the show, but Bitcoin network stats reveal that the original crypto asset isn’t likely to be left behind.
Galaxy Digital CEO Mike Novogratz believes the bitcoin price would be higher if more people understood it
Novogratz suggesting that Bitcoin price is only trading at the current level is because it remains early innings for the industry. He explained that if there were more understanding and belief behind the leading cryptocurrency, the price would be way higher.
Novogratz was responding to a crypto investor who is waiting for the Bitcoin to moon despite not being able to convince her family and friends about the benefits of BTC. There have been green shoots of Bitcoin adoption of late, the most recent of which being MicroStrategy upping its holdings from $ 250 million to $ 425 million.
Novogratz has previously shared how he holds big positions in both Bitcoin and gold. In an August interview on CNBC, the billionaire investor revealed that even after missing out on some gains in the stock market, rather than keeping him up at night he’s been sleeping like a baby with Bitcoin.
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