Bitcoin has continued its dominance in 2024 with a new yearly high in transaction volume, reaching $25 billion, according to Blockchain.com. Indeed, the leading cryptocurrency continued to show its relevance, with traders moving more than 367,000 BTC during the last week of May.
The on-chain transaction value is a figure that denotes the estimated value of all transactions that take place on one specific blockchain. Moreover, the figure is one that gives greater insight into the overall trends and activity of one cryptocurrency. In the case of Bitcoin, it ended last month, reaching a new 2024 record.
Also Read: Peter Brandt Predicts Bitcoin (BTC) to Hit $150,000: Here’s When
BTC Transaction Volume Hits Highest Mark Since 2022
There is no denying that Bitcoin has proven massively important to the finance sector just five months into the year. Indeed, the cryptocurrency has been the focus of an evolving landscape. Specifically, it culminated in the approval of Spot Bitcoin ETFs in January.
Yet, the asset doesn’t appear to be losing relevance, as it just set a new landmark. During the last week of May, Bitcoin reached a yearly high of $25 billion in transaction volume. This means that more than 367,000 BTC was moved in what was a record volume figure for the asset this year.
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Additionally, the figure shows the largest number of bitcoins moved since June 13th, 2022. Then, the market had seen a remarkable $26,500 BTC move. However, those transactions only equated to a value of around $14,000, considering the price difference of the asset today.
The interesting aspect of the development is that the number of transactions was not significantly greater, despite the yearly high. Additionally, the figure was not part of a massive surge in trading volume that would lead the market to expect such an important figure.
However, the development does point to the continued expectations that Bitcoin faces. Recently, Peter Brandt has predicted a $150,000 price for Bitcoin. This forecast aligns with several entities that expect BTC to continue growing, and skyrocket beyond its current all-time high of $73,000.