On May 28, Bitcoin transactions reached an estimated value of over $25 billion, the highest in U.S. dollars over the past year.
Bitcoin’s on-chain transaction value refers to the total estimated value of transactions on the blockchain. This metric helps traders understand Bitcoin (BTC) trends and decide on trade positions.
Bitcoin transaction value reaches yearly high
According to Bitcoin explorer Blockchain.com, holders moved about 367,000 BTC on the blockchain on May 28. This marks the largest number of BTC moved since June 13, 2022, when over 519,000 BTC were moved.
At the time, Bitcoin’s price hovered at around $26,500, which puts the dollar value of the transactions at nearly $14 billion.
While the number of Bitcoin moved on May 28 was significantly less, the price of BTC was around 69,374.17, making the total value of the transactions around $25.5 billion.
Number of Bitcoin transactions
Despite the transaction value reaching a yearly high, the number of transactions remained relatively normal. On May 28, Bitcoin transaction tracker Y Charts recorded a total of 596,790 transactions in Bitcoin.
The number of transactions appeared average compared to May 26 and May 29, which had over 850,000 and 700,000 transactions, respectively.
Apart from the number of transactions, Bitcoin’s trading volume also did not display anything out of the ordinary. On May 28, Blockchain.com showed that $200 million volume for Bitcoin transactions on crypto exchanges.
Related: Why is Bitcoin stagnated despite $2B in spot ETF inflows?
Can Bitcoin reach $130,000?
Meanwhile, trading analyst Peter Brandt forecasted that Bitcoin could reach $130,000 by 2025. On June 2, Brandt said that Bitcoin’s bull run shows similar patterns to previous post-halving cycles.
According to the crypto trader, the asset could reach about $130,000 to $150,000 by August or September next year if it follows the trajectory of previous runs.
Brandt claimed that historically, Bitcoin’s halving date was almost in the middle of bull markets’ beginnings and peak periods. According to the analyst, the last bull market started 16 months before the 2020 halving and ended 18 months after that.
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