Bitcoin transactions surged to a remarkable value of over $25 billion on May 28, marking the highest in United States dollar terms in the past year. The on-chain transaction value of Bitcoin represents the total estimated value of transactions on the blockchain, providing valuable insights for traders to analyze Bitcoin trends and make informed trading decisions.
As per data from Bitcoin explorer Blockchain.com, approximately 367,000 BTC were transferred on the blockchain on May 28, the largest number of BTC moved since June 13, 2022, when over 519,000 BTC were transacted. During this time, Bitcoin’s price was around $26,500, resulting in a total transaction value close to $14 billion.
Despite the lower number of Bitcoin moved on May 28, the price of BTC stood at approximately $69,374, leading to a total transaction value of around $25.5 billion. While the transaction value hit a yearly high, the number of transactions remained relatively stable. Bitcoin transaction tracker YCharts recorded a total of 596,790 transactions on May 28, which was consistent compared to the days before and after.
In addition to transaction volume, Bitcoin’s trading volume on crypto exchanges on May 28 was reported at $200 million, showing no significant anomalies. Trading analyst Peter Brandt predicted that Bitcoin could reach a value of $130,000 by 2025 based on the similarities in market patterns seen in previous post-halving cycles.
According to Brandt, historical data indicates that Bitcoin’s halving dates have marked the beginning and peak of bull markets. By following this trajectory, Brandt forecasted that Bitcoin could potentially reach $130,000 to $150,000 by August or September 2025. He highlighted that the last bull market started 16 months before the 2020 halving and ended 18 months after, suggesting a potential bullish trend ahead for Bitcoin.
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