On May 28, Bitcoin transactions reached an estimated value of over $25 billion, which is…
On May 28, Bitcoin transactions reached an estimated value of over $25 billion, the highest value in US dollar terms in the last year.
The on-chain value of Bitcoin transactions refers to the estimated total value of transactions on the blockchain. This metric helps traders understand Bitcoin (BTC) trends and decide on trading positions.
Bitcoin Transaction Value Hits Yearly High
According to Bitcoin Explorer Blockchain.com, Bitcoin holders transferred approximately 367,000 BTC to the blockchain on May 28. This represents the highest number of bitcoins transferred since June 13, 2022, when more than 519,000 bitcoins were transferred.
At the time, the price of Bitcoin was hovering around $26,500, which brought the monetary value of transactions to around $14 billion.
While the number of bitcoins transferred on May 28 was much lower, the price of bitcoin was around 69,374.17, bringing the total transaction value to around $25.5 billion.
Number of Bitcoin transactions
Even though the value of transactions reached a yearly high, the number of transactions remained relatively normal. On May 28, Bitcoin transaction tracker Y Charts recorded a total of 596,790 Bitcoin transactions.
The number of transactions seems average compared to May 26 and 29, which saw over 850,000 and 700,000 transactions, respectively.
Besides the number of transactions, the trading volume of Bitcoin showed nothing extraordinary. On May 28, Blockchain.com posted $200 million in Bitcoin trading volume on cryptocurrency exchanges.
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Can Bitcoin reach $130,000?
Meanwhile, trading analyst Peter Brandt predicted that Bitcoin’s value would reach $130,000 by 2025. On June 2, Brandt said that Bitcoin’s uptrend showed similar trends to previous downcycles. A half.
According to the cryptocurrency trader, the asset could reach between $130,000 and $150,000 by August or September next year if it follows the path of previous runs.
Brandt claimed that historically, the Bitcoin halving date fell in the middle of the beginning and peak periods of bull markets. According to the analyst, the last bull market started 16 months before the halving in 2020 and ended 18 months later.
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