There’s an uptick in Bitcoin transaction volume as the asset is getting used to moving over huge sums like $1 million and above recently.
October marked a really busy however affluent month for digital gold as Bitcoin recorded a new ATH in everyday transfer volumes. This can be a direct reflection of the degree of activity the community experiences and an obvious indication of the network’s rising value.
Bitcoin moved $15 billion per day in October
Per Glassnode’s analysis of the variety of transactions between different entities involving Bitcoin, it was revealed that the flagship crypto asset was capable of maintaining around $15 billion transaction volume per day in the course of the month of October.
In response to Glassnode’s total network switch quantity adjusted to 30-day metrics, Bitcoin attained a 3-year high, with early October scaling 318,830 BTC ATH.
Though the numbers dropped to 275,000 BTC because the month progressed, it couldn’t dent the transaction volume as this coincided with when the worth of the coin was rising.
BTC is being used to move $1 million and above majorly
Going by this data, it’s safe to say that establishments alongside retail traders at the moment are using Bitcoin to make large cash transactions.
A more cursory have a look at the info from the transfer volume would present that transactions above $1 million make up the higher majority because it accounts for 81.56% of the transactions, this has become more pronounced within the last two months of September and October the place the network is getting used to moving more money than earlier than.
Apparently, of the >$1 million transactions that the network has seen, transactions transferring over $10 million make up the vast majority of this volume with 61.7%.
Bitcoin, inside the last two months, has seen an uptick in its worth and has bolstered itself as the dominant crypto asset inside the trade.
The latest report from JPMorgan has reinforced its earlier prediction that the worth of the asset could nonetheless surge to as excessive as $146,000 earlier than the tip of the yr. Not solely that, the report additionally said that BTC is gradually becoming a more favorable possibility for institutional traders seeking to hedge against inflation.
Source: Cryptoslate
