The Average Bitcoin Transaction Goes Up 500% Since July 2020

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In these pandemic times, royalties and fiat money have failed. Their price has been hanging by a thread, which is not the case with cryptocurrencies, especially Bitcoin. The world’s top crypto has been flying high during the ongoing pandemic. The price is just a single indicator. What really shows how valuable Bitcoin has become is the average Bitcoin transaction, which has gone up 500% since July.

Believe it or not, the average Bitcoin transactions right now is worth $150,000. Just months ago, that number was close to $25,000. This October, the record number was $151,000 per transfer, which is a 500% jump.

Commercial Dominance

Data from BitInfoCharts shows that the latest jump comes after Bitcoin’s unprecedented commercial dominance that has reached new levels unseen in he past three years. The last time Bitcoin was this dominant was in 2017 when the price expansion occurred. Since then, its value has been going up and down just like the price.

Since the pandemic started early in 2020, though, Bitcoin has been on a roll. Besides the price jumping up to new heights, the average Bitcoin transaction has gone up as well by a whopping 500%. While it was $25,000 on average in July this year, the numbers are up to 500% right now, with an average BTC transaction having an incredible value of $151,000.

Compared to other cryptos, for example Ethereum, that’s 190 times higher (average ETH transaction: $793). Bitcoin’s record-breaking year is also taking other cryptos to new heights. The number of daily ETH transactions has gone up by 30% in early August, with a two-year high of 1.29. At the same time, Bitcoin’s transactions hovered over 300 and 350K, meaning that Ethereum was the main draw for new crypto users just a few months ago.

Investors Starting to Take Notice

In recent weeks, major investments companies such as Microstrategy and Greyscale have begun taking notice of Bitcoin’s rise. The companies have been turning their attention to decentralized currencies and Bitcoin is at the top of their list.

The decentralized sector has been steadily growing in 2020 and turning many heads. Bitcoin’s lack of volatility has been pretty uncharacteristic and music to the ears of crypto traders. At the end of September 2020, Microstrategy owned a total of 38,250 BTC, while Grayscale had 449,900. That’s 2.4% of Bitcoin’s current supply, an obviously sky-high number.

Square, a company created by ex-Twitter CEO Jack Dorsey, just bought Bitcoin in the excess of $50 million. This shows a unique institutional interest in DeFi, something that has not been happening a lot before. Many other companies have redirected their interest to DeFi to help the development of space and its regulation. Of course, regulation on cryptos and DeFi in general is still controversial, but investors have still been encouraged by the positive signs coming from all over the world.

Many countries have begun realizing Bitcoin’s potential during the COVID-19 pandemic, and if we’re right, others will follow soon.

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October 21, 2020: • No Comments

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