Bitcoin transactions soared to a record high on May 28, surpassing $25 billion in value, the highest it has been in United States dollar terms in the past year.
The on-chain transaction value of Bitcoin represents the total estimated value of transactions on the blockchain. This key metric is crucial for traders as it helps them analyze Bitcoin trends and make informed decisions about their trading positions.
As per data from Bitcoin explorer Blockchain.com, holders transferred approximately 367,000 BTC on the blockchain on May 28. This marked the largest amount of BTC moved since June 13, 2022, when over 519,000 BTC were transacted. During this period, Bitcoin’s price was around $26,500, resulting in a transaction value of nearly $14 billion.
Although the number of Bitcoin transactions on May 28 was lower, with the price of BTC at approximately 69,374, the total value of transactions amounted to around $25.5 billion.
While the transaction value hit a yearly peak, the number of transactions remained relatively stable. On May 28, Bitcoin transaction tracker YCharts recorded a total of 596,790 transactions involving Bitcoin.
Despite the surge in transaction value, the number of transactions on May 28 was in line with the average figures. This was evident when comparing the figures to May 26 and 29, which saw over 850,000 and 700,000 transactions, respectively.
In addition to transaction numbers, the trading volume of Bitcoin on crypto exchanges showed no significant anomalies. On May 28, Blockchain.com reported a trading volume of $200 million for Bitcoin transactions.
On a related note, trading analyst Peter Brandt made a bold prediction that Bitcoin could reach $130,000 by 2025. Brandt noted that Bitcoin’s current bull run mirrors patterns seen in previous post-halving cycles. According to him, if this trend continues, Bitcoin could potentially hit $130,000 to $150,000 by August or September 2025.
Brandt highlighted the historical significance of Bitcoin halving dates, stating that they typically mark the midpoint between the start and peak of bull markets. Based on his analysis, the last bull market commenced 16 months before the 2020 halving and concluded 18 months after that event.
In other news, crypto voters are already making waves in the lead up to the 2024 election, with their impact set to continue disrupting the political landscape.