2020-10-21 10:36 |
The explosion of the DeFi trend in 2020 has attracted a lot of attention, so many other significant developments in the crypto industry managed to pass by undetected. One example is the fact that the average value of BTC transactions saw quite a major increase over the past three months.
A surge in average transaction valueBetween July and October of this year, BTC transactions’ average value surged by 500%, according to analytics platform BitInfoCharts.
The platform noted that the average transaction value prior to this increase sat at around $25,000. Now, however, it climbed up to $151,000, as recorded yesterday, October 20th.
The data indicates that the latest spike took the average value from $105,000 to $151,000. In other words, there was nearly a $50,000 increase in the past 48 hours.
Interestingly enough, the surge of average transaction value came soon after Bitcoin’s surge in trading dominance, which is currently at the levels last seen in 2017, during the greatest crypto bull run in history.
Bitcoin vs EthereumIt is also worth noting that Bitcoin’s current average transaction value is approximately 190 times higher than that of Ethereum. Currently, the average ETH transaction value sits at only $793, which indicates that institutions are much more interested in BTC markets.
This was also noticed earlier this year, as large investment firms such as Microstrategy and Grayscale started increasing their BTC supplies on behalf of their clients. At the end of last month, Grayscale held at least 2.4% of Bitcoin’s current supply (449,900 BTC), while Microstrategy held 38,250 BTC.
Even so, Ethereum still leads when it comes to other areas, such as the number of daily transactions. The mentioned, the explosion of DeFi increased the number of daily ETH transactions by 30% in August 2020.
This allowed ETH to hit a 2-year high of 1.29 million on August 10th alone. Back then, BTC transactions were between 300,000 and 350,000. In other words, while BTC is attracting big money from institutions, Ethereum is the one that attracts new users to the crypto sector.
Another evidence of this is that the number of Bitcoin’s active addresses remains mostly the same, going between 650,000 and 970,000 over the summer, which is not that unusual for the coin.
The post Average Bitcoin (BTC) transaction value went up by 500% appeared first on Invezz.
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