$8 Billion Worth of Bitcoin Moved Yesterday


Individuals across the globe, from Venezuela to Shanghai, have transferred $7.8 billion worth of value during the past 24 hours in 247,000 transactions.
The miner fee to move $8 billion was just $220,000, or just 0.001%. While the full miners’ reward, including the 12.5 btc per block, was $16.5 million, or 0.2%.
The average value transfer was $32,000 worth of bitcoins for yesterday, while the most common value transfer was $450 in the median transaction.
That’s in significant contrast to ethereum which saw only $670 million worth of eth transferred yesterday with a median value of $0 according to Bitinforcharts.
That very low value might be due to dapp usage or perhaps token transfers are not correctly measured, with the average value of eth transfers being $850.
Some 5.68% of all bitcoins, that being nearly 1 million bitcoins, moved yesterday. In contrast, just 1.41% of all eth moved, or 1.4 million.
Less than even BCH which saw 1.76% of all Bitcoin Cash on the move, or 300,000 BCH worth some $250 million.
While Litecoin had the second highest share on the move according to this data at 4.22% of all LTC, amounting to around $210 million.
How correct this data is, however, we do not know, with Bitinforcharts known to at times provide information that conflicts with other sources.
Public blockchains are, however, public, so at any given point you can see how much is moving, to where, and when.
You can see so in real time just as you can go back to history all the way to the genesis block and see what moved at any given point.
Studies on the velocity of cryptos, therefore, might be forthcoming, especially in the context of a potential relationship to price.
Days destroyed, that is a time based measure of coin movements as in the longer it did not move the more days destroyed, used to be a closely watched measure because it suggested old time hodlers may be exchanging.
That indicates there might be some relationship between coin velocity or movement and bitcoin’s price, but the extent of it isn’t very clear.
Copyrights Trustnodes.com

Leave a Reply

Your email address will not be published. Required fields are marked *