June 5, 2024
Bitcoin News

Bitcoin Transactions Hit Yearly High in USD Value

On May 28, Bitcoin transactions soared to an estimated value of over $25 billion, marking the highest in United States dollar terms over the past year. This significant spike was observed despite a relatively average number of transactions on that day.

According to Bitcoin explorer Blockchain.com, holders moved approximately 367,000 BTC on the blockchain. This is the largest number of BTC moved since June 13, 2022, when over 519,000 BTC were transferred.

At the time of these transactions, Bitcoin’s price was around $69,374 per BTC, substantially contributing to the high dollar value of the transactions. This contrasts with June 13, 2022, when Bitcoin’s price hovered around $26,500, putting the dollar value of those transactions at nearly $14 billion.

Estimated transaction value of bitcoin
Bitcoin’s estimated transaction value. Source: Blockchain.com

Transaction and Trading Volumes

Interestingly, while the transaction value reached a yearly high, the number of transactions remained relatively normal. Bitcoin transaction tracker YCharts recorded a total of 596,790 transactions on May 28. This number appeared average compared to May 26 and May 29, which saw over 850,000 and 700,000 transactions, respectively.

Daily number of transactions registered on the Bitcoin network. Source: YCharts

Similarly, Bitcoin’s trading volume did not show any unusual activity. On the same day, Blockchain.com reported a $200 million volume for Bitcoin transactions on crypto exchanges. This indicates that the surge in transaction value was primarily driven by the high price of Bitcoin rather than an increase in transaction activity.

Future Predictions for Bitcoin

Amid these developments, trading analyst Peter Brandt has made a bullish forecast for Bitcoin. On June 2, Brandt predicted that Bitcoin could reach $130,000 by 2025. He noted that Bitcoin’s current bull run mirrors patterns observed in previous post-halving cycles. If Bitcoin follows the trajectory of previous cycles, it could reach between $130,000 to $150,000 by August or September 2025.

Brandt explained that historically, Bitcoin’s halving dates have been positioned almost midway between the start and peak of bull markets. He highlighted that the last bull market began 16 months before the 2020 halving and concluded 18 months afterwards, suggesting a similar timeline could unfold in the current cycle.

Image from Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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