Bitcoin transactions on May 28 surged to a record high, surpassing $25 billion in estimated value, the highest in USD terms over the past year.
The on-chain transaction value of Bitcoin represents the total estimated value of transactions on the blockchain. This data point is crucial for traders to analyze Bitcoin trends and make informed decisions on their trading positions.
As per the data from Bitcoin explorer Blockchain.com, approximately 367,000 BTC were transferred on the blockchain on May 28. This marked the highest number of BTC moved since June 13, 2022, when over 519,000 BTC were transacted. The price of Bitcoin at that time was around $26,500, resulting in a total transaction value of nearly $14 billion.
Despite the lower number of Bitcoin moved on May 28, the price of BTC was approximately 69,374, leading to a total transaction value of around $25.5 billion.
Although the transaction value hit a yearly peak, the number of transactions remained relatively stable. YCharts, a Bitcoin transaction tracker, recorded a total of 596,790 transactions in Bitcoin on May 28. This figure was in line with the number of transactions on May 26 and 29, which stood at over 850,000 and 700,000 transactions, respectively.
Additionally, the trading volume of Bitcoin on crypto exchanges on May 28 was reported to be $200 million, showing nothing out of the ordinary.
In other news, trading analyst Peter Brandt predicted that Bitcoin could reach $130,000 by 2025. He observed similarities in Bitcoin’s current bull run to previous post-halving cycles and suggested that the asset could hit $130,000 to $150,000 by August or September 2025, following the trajectory of past market movements.
Brandt highlighted that historically, Bitcoin’s halving date marked the midpoint between the beginning and peak of bull markets. He pointed out that the last bull market commenced 16 months before the 2020 halving and concluded 18 months after that event.
In a related development, crypto enthusiasts are already making waves in the 2024 election, disrupting the traditional political landscape with their influence, and this trend is expected to continue.