Market Madness Leads To Surge In Bitcoin On Chain Activity
A lot going on out there in the Cryptoverse and these prices are just one part of it:
Crypto Market Madness Leads To Surge In Bitcoin On-Chain Activity
The current crypto market climate has seen bitcoin on-chain activity light up like a Christmas tree. All across the board, on-chain activity is surging. This is a result of the recent dips and recovery that has investors scampering to move their coins around to either avoid losses or make a profit and that has seen some important on-chain metrics glow green in the last week.
Transaction Volume Surges
It seems that during times when the price of bitcoin is down, activity in the digital asset tends to surge. This has certainly been the case in the last week during which the price of bitcoin had successfully declined to the $25,000 level. Subsequently, there had been a rise in the transaction volumes per day, presumed to be a result of plummeting prices causing investors to begin moving their coins once more.
Transaction volumes on a daily basis had grown a whopping 75.70% in the span of one week. This saw volumes grow from $6.720 billion per day to $11.808 billion last week. Not only this, the number of transactions per day had grown, although not by a large margin. This metric only grew 2% from 264,472 to 269,759 in the space of last week.
Average transaction value had also grown significantly. This was obviously the catalyst behind the growth of average transaction volumes. The previous week, the average dollar value of a single transaction had been sitting at $25,410. This figure grew 72.26% last week to come out to $43,771 on average. Incidentally, the average number of transactions also grew 2% from 1,849 to 1,886.
Full article here: https://bitcoinist.com/surge-in-bitcoin-on-chain-activity/