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The average value of Bitcoin transactions has increased dramatically since July this year.
The average BTC transaction value was sitting at approximately $25,000 per transaction four months ago, but posted a yearly high on Oct 20 at $151,000 per transfer — representing an increase of more than 500%.
The latest spike, as shown by crypto analytics platform BitInfoCharts’ data, saw the average value of a transaction increase almost $50,000, up from $105,000, in the last 48 hours.
This surge in transaction value comes shortly after Bitcoin’s trading dominance rose to levels not seen since 2017.
The $151,000 average value is 190 times more than Ethereum’s average transaction value of $793, suggesting a significantly greater institutional presence in the Bitcoin markets.
However, the number of daily Ethereum transactions increased by 30% amid the DeFi boom in August, reaching a 2-year high of 1.29 million on Aug 10.
Over the same period, Bitcoin transactions consistently hovered between 300k and 350k, suggesting the Ethereum ecosystem was the primary magnet for new crypto users.
The number of Bitcoin active addresses also showed no significant changes, fluctuating between 650k and 970K over the last 4 months.
Accumulation figures show that institutional investors are starting to take notice as large investment firms, like Grayscale and Microstrategy, increased their accumulation of large amounts of Bitcoin and other cryptocurrencies over the last few months.
By the end of September, Grayscale controlled at least 449,900 BTC or 2.4% of the current supply of Bitcoin, and Microstrategy owned 38,250 BTC.
Two weeks later, Jack Dorsey’s Square purchased 4,709 BTC (approximately $50 million) in Bitcoin.
In other trending Bitcoin News today:
“PayPal To Offer Crypto Payments Starting In 2021”
PayPal announced on Wednesday its entry into the cryptocurrency market, according to multiple reports.
PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021, the company said.
The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay.
This means that the merchants will be receiving fiat, as PayPal will take care of the conversion.
The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said.
The payments giant partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as the BitLicense.
In addition to cryptocurrency payments, PayPal users will also be able to purchase crypto directly through the app.
PayPal will thus feature a cryptocurrency wallet, letting users buy, sell and hold crypto via the PayPal apps.
PayPal is one of the largest global payment providers, with 346 million active accounts and $222 billion in volume processed in Q2 2020.
It was one of the initial founding members of the Libra association, though it subsequently dropped out after regulatory pressure mounted for the project.
Rumors of a planned crypto integration surfaced earlier this year.
The company is nevertheless often criticized in crypto circles due to perceived unfair practices and the amount of control it has within its own network.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Finally!PayPal joins the bitcoin space race.+ 346 million users+ 26 million merchants + 20th largest “bank” by deposits
Between them, Square, and Grayscale, it’s safe to assume that all remaining BTC will be hoovered up by public companies. https://t.co/d3oEk0LLgv
— Ryan Selkis (@twobitidiot) October 21, 2020
https://www.reuters.com/article/paypal-cryptocurrency/paypal-to-allow-cryptocurrency-buying-selling-and-shopping-on-its-network-idUSL1N2HB14U
https://cointelegraph.com/news/bitcoin-average-transaction-value-increases-500-since-july
https://cointelegraph.com/news/paypal-to-offer-crypto-payments-starting-in-2021
https://cointelegraph.com/news/bitcoin-price-rally-to-12k-is-meaningless-until-bulls-flip-it-to-support
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