Average Bitcoin (BTC) Transaction Value Increased Dramatically by 500% Since July 2020

Bitcoin (BTC) transactions’ average value has spiked high during the past 48 hours. According to the data shared by the cryptocurrency analytics platform BitInfoCharts, the Bitcoin network has seen an increase of almost $50,000 in its average transaction value within the duration of the last 48 hours. BitInfoCharts’ data also shows that since July 2020, the average transaction value on the BTC network has risen by 500 percent.

BTC average transaction value is now $151,000 per transaction

Four months ago, Bitcoin transactions’ average value was standing at around $25,000 per transaction. However, according to the latest data, this value has recorded a new high on the 20th of October 2020. Now the average BTC transaction value per transfer stands at $151,000. This means that the Bitcoin network has witnessed a spike of approximately 500 percent in its average transaction value during the past few months.

Source: BitInfoCharts

This spike in average transaction value has been noted right after the market dominance of Bitcoin surged high. According to the data from CoinMarketCap (CMC), the dominance of the leading digital currency in the cryptocurrency market has surpassed above 60 percent while recording a new two-month high. Currently, the BTC market dominance is standing at 60.8 percent, as per CMC, a level that has not been seen since the year 2017.

BTC average transaction value is 190 times more than ETH average transaction value

The average transaction value of the Bitcoin network is much higher than that of the world’s second-largest blockchain network Ethereum (ETH). As per the data from BitInfoCharts, the current average Bitcoin transaction value is $151,000 per transaction while on the other hand, the average transaction value on the Ethereum network is standing at $793 per transfer. This means that BTC average transaction value is 190 times higher than that of Ethereum’s.

On the 10th of August, the number of daily transactions on the Ethereum network hit a two-year high by reaching 1.29 million with a rise of approximately 30 percent.

Meanwhile, the price value of Bitcoin has reclaimed its past resistance level of $12,000 as well and is currently trading bullish above this price level.