On May 18, Bitcoin holders moved over 367,000 BTC, worth over $25 billion, setting a yearly high for Bitcoin transactions in terms of value.
Bitcoin transactions reached an estimated value of over $25 billion on May 18, marking the highest in United States dollar terms over the past year.
Bitcoin’s on-chain transaction value refers to the total estimated value of transactions on the blockchain. This metric helps traders understand Bitcoin trends and make informed decisions about their trade positions.
Bitcoin Transaction Value Reaches Yearly High
According to Bitcoin explorer Blockchain.com, holders moved about 367,000 BTC on the blockchain on May 18. This marks the largest number of BTC moved since June 13, 2022, when over 519,000 BTC were moved.
At that time, Bitcoin’s price was around $26,500, making the total dollar value of the transactions nearly $14 billion. While fewer Bitcoins were moved on May 18, the price of BTC was around $69,374, bringing the total value of the transactions to approximately $25.5 billion.
Number of Bitcoin Transactions
Despite the high transaction value, the number of transactions remained relatively normal. On May 18, Bitcoin transaction tracker YCharts recorded a total of 596,790 transactions in Bitcoin.
Additionally, Bitcoin’s trading volume did not show any unusual activity. On May 18, Blockchain.com reported a $200 million volume for Bitcoin transactions on crypto exchanges.
Summary Review: The significant value of Bitcoin transactions on May 18 highlights the dynamic nature of the cryptocurrency market. Even though the number of transactions and trading volume remained stable, the high value moved indicates strong activity and interest in Bitcoin trading.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
