Investments in Bitcoin Markets Raise ATV Rate

0

According to the Bitcoin Average Transaction Value (ATV) chart shared by BitInfoCharts, the average transaction value of Bitcoin rose by $ 50,000 since October 18 and exceeded $ 150,000. This sudden rise seen in ATV is attributed to the increase of Bitcoin’s dominance in the market and the BTC investments made by institutional firms.

According to the news shared on Cointelegraph, the Bitcoin average transaction value (ATV) has increased by a record 500% in the last 4 months. ATV, which was around $ 25,000 in the previous periods, saw $ 151,000 in October.

bitcoin-atv

It was reported that the Bitcoin transaction volume has experienced a record increase since 2017. In addition to these increasing values, it is stated that the number of Bitcoin active addresses has followed a slightly fluctuating course between 650 – 970 thousand in the last 4 months. But according to the Bitcoin ATV chart, the Bitcoin ATV rate, which was $ 25,000 in July, rose to $ 151,000 by October, and managed to attract the attention of analysts. Analysts argued that the rise in institutional investments along with transaction volume reinforced Bitcoin’s presence in the market.

Institutional Firms Affected Bitcoin

In the graph of BitInfoCharts showing the number of Bitcoin transactions per day, it was shared that the demand of big investment firms such as Grayscale and Microstrategy for BTC was reflected. Grayscale has 449,900 BTC and Microstrategy has 38,250 BTC. After big companies moved to Bitcoin, Square also bought BTC worth $ 50 million.

After the record-breaking DeFi investments in August, the number of Ethereum transactions increased by 30%. On August 10, the number of transactions made on the network broke a record, reaching 1.29 million. At the same time, the number of transactions seen in Bitcoin had fluctuated between 300,000 and 350,000. According to BitInfoCharts’ Bitcoin ATV data, Bitcoin’s ATV rate at $ 151,000 is about 190 times higher than Ethereum’s $ 793 transaction value. Analysts attribute this to the rising corporate demand for Bitcoin.

See Also
Altcoins Fall As Bitcoin Market Dominance Rises

LEAVE A REPLY

Please enter your comment!
Please enter your name here