22% of the entire Bitcoin supply was transacted in 24 hours as the price broke through $12,000.
As Bitcoin’s (BTC) price broke through resistance at $12,000, its on-chain transfer volume exceeded 4 million and set a 14-month record high.
Unlike exchange volume, on-chain metrics cannot be easily faked or manipulated. To put this in perspective, the total current supply of Bitcoin is 18.5 million. This means that in 24 hours, users transacted 22% of Bitcoin’s total current supply.
If we examine the 30-day average for this metric, we discover that September 30 marked a 3-year high and the overall trend appears even more prominent.
At the same time, the number of addresses with non-zero balances and those holding at least 0.01 BTC has also set new highs. It appears that at least some of the extra volume was generated by bitcoiners diffusing their wealth. It is also possible that this was driven by the influx of new investors testing the waters with small acquisitions.
Meanwhile, payments giant, PayPal announced that they will soon allow users in the U.S. to buy, sell, and hold cryptocurrency in their wallets.
[…]
Learn more
The defunct cryptocurrency exchange Mt. Gox is making waves again, this time with huge Bitcoin…
Lightning Labs, a leading developer in Bitcoin's Lightning Network ecosystem, has launched a groundbreaking protocol…
According to onchain data, a significant whale holding over 92,500 ether moved the funds to…
🛸Inspired by the internet's favorite extraterrestrial, Skinny Bob MemeCoin is revolutionizing the cryptosphere across multiple…
NFTs, or non-fungible tokens, are transforming various industries, including art, music, sports, and real estate.…
Proton Technologies AG, the Swiss company renowned for its encrypted email and VPN services, has…
Leave a Comment