BITCOIN TRANSACTIONS HIT YEARLY HIGH WITH $25B MOVED 

On May 28, Bitcoin transactions reached over $25 billion, marking the highest value in USD terms for the past year.

Transaction Surge

Bitcoin holders moved approximately 367,000 BTC on May 28, according to data from Blockchain.com. This represents the largest movement since June 13, 2022, when over 519,000 BTC were transacted. With Bitcoin priced around $69,374 on May 28, the total transaction value reached about $25.5 billion.

Number of Transactions

Despite the high transaction value, the number of transactions remained relatively typical. YCharts recorded 596,790 transactions on May 28, which was average compared to the 850,000 and 700,000 transactions on May 26 and May 29, respectively. Additionally, Bitcoin’s trading volume on crypto exchanges was reported at $200 million by Blockchain.com on May 28.

Future Projections

Renowned trading analyst Peter Brandt predicted that Bitcoin could hit $130,000 by 2025. On June 2, Brandt noted that Bitcoin’s current bull run mirrors previous post-halving cycles, suggesting the asset could reach between $130,000 and $150,000 by August or September 2025. Brandt highlighted that Bitcoin’s halving events historically occur midway through the bull market’s beginning and peak periods.

Conclusion

Bitcoin’s transaction value has reached a significant milestone, showcasing the continued high activity and interest in the cryptocurrency market. While transaction numbers and trading volumes remain stable, future projections indicate potential substantial growth in Bitcoin’s value, reinforcing the bullish sentiment among traders and analysts.

Read more from the blog

Vijesti

3 svi 2023

StoneBlock CEO: Nervous investors will be eliminated from the market

Vijesti

3 lip 2024

OKX LAUNCHES CRYPTO EXCHANGE AND WALLET IN THE NETHERLANDS 

Vijesti

3 lip 2024

BITCOIN TRANSACTIONS HIT YEARLY HIGH WITH $25B MOVED