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Bitcoin Sees Yearly Peak in Transaction Value with $25 Billion Transferred

ByDayne Lee

Jun 4, 2024

Bitcoin Sees Yearly Peak in Transaction Value with $25 Billion Transferred

On May 28, the Bitcoin network witnessed a significant surge in transaction value, reaching over $25 billion, marking the highest dollar value recorded in the past year. This peak reflects an intense period of activity on the Bitcoin blockchain and provides crucial insights into market dynamics and investor behavior.

Analysis of Transaction Value Surge

Data from reveals that approximately 367,000 BTC were transferred on May 28. This amount, while lower than the 519,000 BTC moved on June 13, 2022, represented a higher dollar value due to the increased price of Bitcoin, which stood at approximately $69,374 per BTC on that day. The total value of these transactions amounted to around $25.5 billion, underscoring a significant uptick in large-scale Bitcoin movements.

The last time a comparable volume of Bitcoin was moved was in June 2022, when the total value reached nearly $14 billion with Bitcoin’s price at about $26,500. The recent transactions highlight not only an increase in the number of bitcoins transferred but also a substantial rise in their value, driven by the market’s upward price trends.

Transaction Count and Market Activity

Despite the high transaction value, the number of daily transactions recorded on May 28 was relatively normal, with Bitcoin transaction tracker YCharts documenting 596,790 transactions. This count is in line with the transaction activity observed on surrounding days, such as May 26 and 29, which saw 850,000 and 700,000 transactions respectively.

The trading volume on crypto exchanges also remained steady, with reporting $200 million in Bitcoin transaction volume on May 28. This figure indicates that while the value of transactions was high, the overall market activity in terms of trading volume did not show unusual fluctuations.

Market Forecasts

Prominent trading analyst Peter Brandt has offered a bullish outlook for Bitcoin, predicting that it could reach between $130,000 to $150,000 by August or September 2025. Brandt’s forecast is based on patterns observed in Bitcoin’s performance following previous halving cycles, which have typically seen substantial bull runs.

Historically, Bitcoin halvings, which reduce the reward for mining new blocks by half and thus lower the rate at which new bitcoins are generated, have been pivotal in catalyzing major bull markets. According to Brandt, the last bull market commenced 16 months prior to the 2020 halving and persisted for 18 months post-halving, suggesting a similar potential trajectory in the coming years.

Investors and traders might consider these insights and predictions when planning their investment strategies, especially in anticipation of potential price increases as the next halving approaches. The substantial transaction values and stable transaction counts suggest a maturing market that continues to attract significant capital.

DateBTC MovedTransaction ValueDaily TransactionsNote
June 13, 2022519,000 BTC$14 billionNot specifiedPrevious significant movement
May 28, 2023367,000 BTC$25.5 billion596,790Yearly high in transaction value

The spike in Bitcoin’s transaction value on May 28 represents a noteworthy moment in the cryptocurrency’s recent history, reflecting heightened activity and investor engagement within the market. As Bitcoin continues to evolve and mature, such metrics will be crucial for investors seeking to navigate its volatile landscapes effectively.

Featured image credit: Digital Art89 via Vecteezy

Dayne Lee

With a foundation in financial day trading, I transitioned to my current role as an editor, where I prioritize accuracy and reader engagement in our content. I excel in collaborating with writers to ensure top-quality news coverage. This shift from finance to journalism has been both challenging and rewarding, driving my commitment to editorial excellence.

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