Milestone $188 Billion In Bitcoin Value Moves Across Network

Milestone $188 Billion In Bitcoin Value Moves Across Network
фото показано с : bitcoinist.com

2021-8-27 02:00

Bitcoin has yet again broken another milestone. The pioneer cryptocurrency has seen the volume of BTC moving across its network increase exponentially. This time, the seven-day moving average of BTC volume on the network has broken a record. Volume from this shows that as of yesterday, $188 billion had been moved across the network. This means that approximately 20% of the Bitcoin market cap was moved.

BTC transfer volume hits $188 billion milestone | Source: Twitter

The number of coins moved across the network for the seven-day moving average is approximately 3.6 million bitcoins. Going by today’s prices. The number accounts for both transactions moving between individual wallets. And volume moving to and from exchanges. Showing that BTC is not slowing down in its adoption. If anything, this shows that BTC is gaining more traction in the crypto space.

Related Reading | Mid-Cap Crypto Coins Dominate Bitcoin And Ethereum In August

Bitcoin To Shoot Higher With Volume

This movement sets bitcoin up for an exponential move upwards. Bitcoin’s price has always experienced an uptick in price whenever the volume shoots up. The chart below compares the various times when volume on the network has surged compared to the price at that point. An increased volume has always coincided with an increase in the price.

Related Reading | More Miners Come Back Online Post 2021 Hashrate Crash

An important point to note is this. While transaction volume is up, on-chain activity has been down. This suggests that the majority of this volume has come from large moves from a small number of wallets. As opposed to small moves from a high number of wallets. The on-chain data also puts that as about 10K and 12K bitcoins being moved at once from one wallet to another. Most likely movement from exchange wallets.

Related Reading | Microsoft Gets Patent Approval For Service That Allows Users Create Crypto Tokens

A more important scenario would have been if there were a number of small transactions making up this volume. It would mean that individual investors were actually moving their bitcoins across the network. And the directions of these bitcoin transactions would provide better indications for the overall market sentiments at that point. Nevertheless, an uptick in transacted volume has a tendency to push the price upwards.

Ready For Another Breakout?

BTC looks ready for another $50K retest from here on out. Indicators show current dip may be bottoming out. Priming the digital asset for another test of its recent high. Exchange reserves continue to trend low, showing that investors are still pulling out their BTC off of exchanges instead of selling.

BTC ready for another $50K retest | Source: BTCUSD on TradingView.com

Current movement patterns across the network still point to investors holding their coins off of exchanges. Flowing the opposite way that assets would usually flow in a bull market. This consolidation of BTC assets for long-term holding will definitely see an increase in the price.

Bitcoin price has now returned to a recovery trend after the last dip pushed it back down. Resistance at $47,500 is primed to follow this recovery from here. Market momentum will most likely be the defining factor of the next breakout.

Featured image from CNBCTV18, charts from Twitter and TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Santiment Network Token (SAN) на Currencies.ru

$ 0.0865709 (-0.22%)
Объем 24H $210
Изменеия 24h: 9.95 %, 7d: 19.49 %
Cегодня L: $0.0865709 - H: $0.0865709
Капитализация $0 Rank 5672
Цена в час новости $ 0.1272 (-31.94%)

network btc milestone broken moving across bitcoin

network btc → Результатов: 126


Фото:

Substack добавляет поддержку платежей в BTC через Lightning Network

Онлайн-платформа Substack в партнерстве с OpenNode добавила поддержку платежей в BTC через Lightning Network. Сначала опция будет доступна только для связанных с криптовалютами подписчиков.

2021-8-25 09:58


Oнлaйн-плaтфopмa публикaций Substack интeгpиpуeт плaтeжи в BTC

Интeгpaция c плaтёжным пpoцeccopoм Opennode пoзвoлит плaтфopмe Substack пpинимaть плaтeжи в биткoйнax c иcпoльзoвaниeм ceти Lightning Network. B пoнeдeльник пpeдcтaвитeль OpenNode зaявил, чтo кoмпaния нaчaлa coтpудничaть c пpoeктoм Substack, чтoбы упpocтить выплaту пиcaтeлям вoзнaгpaждeния в биткoйнax.

2021-8-24 08:00


Алекс Машинский: «ETH превзойдет BTC по рыночной капитализации к 2023 году»

По мнению генерального директора Celsius Network, хотя биткоин остается крупнейшей криптовалютой по рыночной капитализации, его доминирование на рынке уже снижается в пользу эфира.

2021-7-7 10:30


Фото:

Bitcoin Blocks Will Soon Be 27% Easier to Find — Miners Brace for the Largest Difficulty Drop in BTC’s Lifetime

Bitcoin, the leading crypto asset in terms of market capitalization, has seen the cryptocurrency’s network hashrate drop considerably during the last two weeks. On Saturday, July 3, the network’s mining difficulty will see the largest epoch drop in history as the difficulty is set to slide by more than 27%. Bitcoin Difficulty Expected to Drop […]

2021-7-3 05:00


Фото:

Celsius распределит часть прибыли от инвестиций в майнинг BTC среди пользователей

Криптовалютная кредитная платформа Celsius Network распределит часть прибыли от $200 млн инвестиций в ориентированные на майнинг биткоина предприятия Северной Америки среди пользователей платформы.

2021-7-2 09:59


Количество заблокированных в Lightning Network биткоинов превысило 1500

С начала года количество биткоинов, заблокированных в сети Lightning Network, постоянно растет и сейчас показатель превысил 1 500 BTC. Lightning Network – это решение второго уровня по масштабированию сети Биткоина, которое позволяет значительно снизить объем комиссий и ускорить проведение платежей.

2021-6-19 14:17


Фото:

Amid Heavy Selling By Miners, Analysts Brace For Further Bearish Momentum

Activity on the Bitcoin network is beginning to ebb due to lack of clear signs as to the market direction, claims Glassnode, a popular blockchain analytics firm. Despite earlier reports that more whales were accumulating, data shows the demand for Bitcoin and Ethereum has “fallen drastically” in the past week. According to Glassnode, the BTC […]

2021-6-9 13:03


Фото:

Celsius Network инвестирует $200 млн в майнинг BTC в Северной Америке

Криптовалютная кредитная платформа Celsius Network объявила о вложениях на $200 млн в майнинг биткоина в Северной Америке. Инвестиции пойдут сразу в несколько местных компаний.

2021-6-7 09:47


Фото:

Popular Trader Explains Why Ethereum Will Pay A Hefty Price For Early Design Mistakes

Bitcoin YouTuber, trader, and analyst “BTC Jack Sparrow” has dished out his two cents on what he believes the Ethereum network has become. The popular trader who has garnered over 190,000 followers on Twitter and famous for letting the cryptocurrency community in on his cryptocurrency price analysis has explained very recently, why he believes the […]

2021-6-3 19:23