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Bitcoin transaction value sees 500% upswing in 4 months

bitcoin-transaction-value-sees-500%-upswing-in-4-months

October 21, 2020
By Sam Grant

Bitcoin’s average transaction has now climbed to over $150,000, translating to a 500% jump since July

The average value of Bitcoin transactions was around $25,000 in July. The last few months have since seen this value skyrocket sixfold to $150,000. The average value peaked on October 20 with a yearly high of $151,800 per transfer. Overall, the increase in average Bitcoin transaction values stands at slightly over 500%.

BTC average transaction value history. Source: BitInfoCharts

Bitcoin had two momentary peaks before the October 20 high. The first on August 17, where the value peaked at almost $121,000 — before being surpassed exactly a month later by an average of almost $130,000.

The latest surge comes around the same time as when Bitcoin’s trading dominance is increasing to heights that have not been witnessed for the past three years when the crypto hit its all-time high.

It is worth noting that Bitcoin’s current average value at $151,800 is about 190 times greater than Ethereum’s.

The average value of ETH transactions has been relatively flat compared to Bitcoin. The value has remained between an extreme of $800 and $1,500. The only significant surge was in the last week of August and early September.

ETH average transaction value history. Source: BitInfoCharts

During this period, the average transaction value rose to a high of $2,562 on September 1 that hasn’t been surpassed as of writing. There was one brief spike on September 18 that saw the value surpass the $2,000 mark and settle at $2,100. The current average value of ETH transactions are $793.

The huge disparity between the average transaction value of Bitcoin and Ethereum indicates a stronger presence in BTC markets.

Bitcoin Cash’s average transaction value has spiked several times in the same period. The highest average recorded in the three months was on August 12 where the value rose to $28,544. The value surged again to $26,093 on September 3 marking the last time the value was above the $20,000 mark.

Both cryptocurrencies have had flat trends in terms of the number of transactions over the last three months.

BTC and ETH transaction history. Source: BitInfoCharts

The only notable swell was on September 17 where the number of Ethereum transactions rose to a peak of 1.406 million. Prior to this, the highest number of transactions within the three months was 1.29 million posted on August 10.

https://coinjournal.net/news/bitcoin-transaction-value-sees-500-upswing-in-4-months/

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