HomeTodays NewsBitcoin’s monthly USD on-chain transaction volumes reach a 10-month high of 132 billion
Bitcoin’s monthly USD on-chain transaction volumes reach a 10-month high of 132 billion
May 2, 2019
The recent report by Diar outlined the drop in Bitcoin’s on-chain transaction volume causing it to “hit new lows quarter-on-quarter since” mid-2017. However, the report mentioned that the increase in the on-chain monthly transactions in USD valuation had increased and hit a value of 132.6 billion; the volume of this extent was last seen in June 2018.
“But this remains, in all likelihood, the cause of trading increasing due to Bitcoin’s recent price surge rather than actual use-case. Bitcoins moved on-chain outpaced dollar value hitting a 14-month high in April. With a value of over $130Bn, the transaction volume closes in on June 2018 levels when the price of Bitcoin averaged $7000 – 35% higher than today.”
In addition, according to Token Analyst, the Bitcoin volumes have been consequently rising for over 3 months after major rallies witnessed in March and April 2019.
Although the Bitcoin’s monthly USD volume has increased, the overall Bitcoin quarterly volume saw a significant decrease. The report mentioned that quarterly, BTC provided a different story for the decline. It stated:
“Whilst 1Q19 remains almost a whopping double the volume than that for the same period in 2017 in USD terms, quarter-on-quarter on-chain activity for Bitcoin has been in decline since the end of 4Q17.”
The start of the first quarter, i.e., April 2019 already recorded 35% lower volume in comparison to Q4 of 2018. This could be speculated due to the two reasons: the first being the bear market pressure and the second reason could be due to the recent Bitfinex and Tether drama.