• Sat. May 21st, 2022

Bitcoin network moves $ 3 billion a day, up 210% since April

Bitcoin’s average transaction volume exceeds $ 3 billion per day, according to data from crypto analysis site Coinmetrics.io reveals to July 16.

Bitcoin’s uptrend in daily transaction value overshadows altcoins’

The data – which has been adjusted to remove noise and some artifacts, according to Coinmetrics – shows an impressive upward trend in the USD value for the coin’s trading and transfer volume over the past 90 days.

On April 17, the average daily value was $ 1.04 billion from $ 3.22 billion on July 16, an increase of almost 210%.

The top coin saw a significantly higher volume spike than Ether (ETH), which saw a 77% increase over the same period from a daily average of $ 370 million to $ 657 million. dollars. XRP saw an even more moderate uptrend, at 61% – with the value of daily transactions rising from $ 152.5 million in mid-April to $ 245.6 in mid-July.

3 month chart for BTC trades, transfers, value, adjusted, in USD. Source: Coinmetrics.io

(Non-) correlations

Bitcoin broke the $ 3 billion mark on a daily average on July 11, according to data from Coinmetrics, as the coin hovered around the price of $ 11,500. Despite a decline of around $ 2,000 to date – after suffering a heavy impact of 11.4% on the day and over 24% on the week – the average daily trade value has continued to rise.

Commentators argued today that the coin’s short-term downtrend was triggered by an antagonistic response from the United States government to Facebook’s Libra coin, which spilled over to the space of cryptocurrency more broadly.

Veteran Trader Peter Brandt anticipates that total market cap could now be corrected by up to 80% – but argues that most of the damage will be borne by altcoins, not Bitcoin.

On July 7, Cointelegraph reported that Bitcoin’s hash rate hit a new all-time high of 65.87 EH / s. Nonetheless, despite the week’s price swings, that number continued to soar northward, almost reaching 73 pce / s to press the time.

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